Liability-Driven Investing – Page 6
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Special Report
UK's Pension Protection Fund: A smooth transition
Trevor Welsh, the UK’s Pension Protection Fund’s head of liability-driven investment, discusses how it manages interest rate and inflation risk
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Special Report
Future of LDI: The clearing dilemma
The exemption for pension funds from central clearing of derivatives under the European Market Infrastructure Regulation (EMIR) has been extended. But LDI continues to face tough questions
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News
FRR invites bids for ‘new generation’ cash flow matching mandates
New mandates to replace those put in place for LDI strategy after 2010 pensions reform
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News
European authorities allow leeway on new derivatives rules
Decision taken as pension funds and other institutions struggle to meet 1 March deadline
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NewsPension fund hedging rises to highest level in a decade
UK pension funds taking more and more liability risk off the table, research indicates
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News
Joseph Mariathasan: Trump, LDI and defaulting government debt
Are sovereign-debt defaults are a natural conclusion to our current path, Joseph Mariathasan asks
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NewsDon't drag feet on hedging, pension funds warned
Investment-bank dealing desks expect more Gilt issuance in Autumn Statement
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Special Report
The Netherlands: Managing, not matching
Dutch schemes have switched to dynamic liability-driven investment strategies. But in the current economic environment portfolios are unlikely to shift, Leen Preesman finds
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Special Report
Innovation: The ‘missing link’ in a new world
In the new world of interest rate derivatives, asset managers need to engage in product innovation and technological change, argue David Bullen and Gavin Dixon
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Special Report
Infrastructure Debt: A niche strategy
There are many reasons why infrastructure debt should feature in LDI strategies for UK pension funds. But do not expect a huge growth in allocations, says Joseph Mariathasan
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Special Report
The changing world of risk
Uncertain times on the horizon call for an adaptive toolkit in liability-driven investment, argues Paras Shah and Rik Merkx
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Special Report
Special Report: Liability-Driven Investment - Time to review LDI approaches
Regulation is challenging traditional LDI strategies. Schemes should take a closer look at how their interest rate and inflation risk is being managed.. Carlo Svaluto Moreolo reports
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NewsUK pension fund hedging activity 'significant' in Q4 – LDI survey
BMO Global AM survey shows interest rate hedging at second highest since 2009
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News
IPE Views: Why are error margins ignored in LDI?
The importance of knowing the errors in any measurement is not just critical for the pilots of low-flying planes, Joseph Mariathasan warns
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News
Dutch cabinet to propose continued accrual in DC schemes
Variants focusing on both collective risk sharing and individual risk to be developed
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Special Report
Liability-Driven Investment: Let's get physical
Are low risk-free rates, a greater willingness to take credit and illiquidity risk in matching portfolios and regulatory changes encouraging investors to turn their backs on derivatives and embrace cash-market assets?
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Special Report
Liability-Driven Investment: Mind the gap
Market conditions over the past six years have increased the necessity of managing bond-swap spread risk in LDI strategies.
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Special Report
Liability-Driven Investment: Caught short
Pension funds recognise that they are exposed to movements in long-term interest rates when they enter into swap contracts – that is the point of the hedge. But Emma Cusworth draws attention to the importance of volatility in the short-dated floating leg too
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Features
Liability-Driven Investment: This sprint finish could get brutal
Things seem to have gone pretty well for UK pension schemes during 2013. A combination of rising bond yields and an equity market rally meant that, at the least, funding levels didn’t get any worse, and at best got schemes two or three percentage points closer to the finishing line.
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Special Report
Liability-Driven Investment: The de-risking bear fight
As pension schemes line up to de-risk, Emma Cusworth finds the supply-and-demand dynamic on the UK yield curve is causing aggressive competitive behaviour, distorting bond market valuations
