(March 5, 2012) — One of the leading innovators in European pension fund management is set to launch a new venture, aiCIO has learned.
Ralph Frank has left Anglo-Dutch Cardano, which he joined in 2007. Most recently he was Head of Solutions at the investment advisory, solvency, and risk management specialist. Cardano confirmed his departure.
A source close to the situation told aiCIO that Frank is to set up a firm within the investment world, but it would not be in direct competition with his previous employer.
A spokesman for Cardano told aiCIO: “We are sorry to see Ralph go, but we will be supporting him in his next steps towards the new venture.”
He said Herman Bril, Chief Operating Officer at the company who had been working with Frank over the past year, would take over many of his responsibilities.
Frank joined Cardano as it began to push into the United Kingdom pensions market with the appointment of former Hewitt executive, Kerrin Rosenberg, as Chief Executive in the country. South-African born Frank had been European Director of Investment Consulting at Mercer.
Cardano was set up in the Netherlands in 2000 by Theo Kocken, who ran market-risk management at ING. In Europe it boasts pension funds attached to Rabobank, grocer Asda, and tyre manufacturer Pirelli. The company works with over 35 pension funds and insurance companies across the continent to manage assets and liabilities with a focus on risk management.