An alternative view to the role Liability Driven Investment (LDI) played in UK pensions crisis. скачать в хорошем качестве

An alternative view to the role Liability Driven Investment (LDI) played in UK pensions crisis.

Soon after Chancellor Kwarteng announced the UK mini-budget in September 2022, the gilt markets nosedived. While public attention was focused on the currency and mortgage markets, pension fund managers were watching in horror as a little known financial instrument they had relied on for decades threatened to take down huge swathes of defined benefit pensions. David Chambers, Invesco Professor of Finance at CJBS and co-director of the Centre for Endowment Asset Management (CEAM) will explain what is liability driven investment (LDI), and how it works, as well as the risks involved with this type of investment. And we will look at the question : is the worst behind us? He will be joined by Derek Steeden, Portfolio Manager at Invesco. The answer is something that runs counter to some of the more sensationalist news headlines. For students or alumni of business schools or MBAs who thought risk management was something you don't have to worry about, you will change your mind after this. If you want to know more about the Centre for Endowment Asset Management, you can visit this link https://www.jbs.cam.ac.uk/faculty-res... 00:00 Intro 02:16 Defined benefit vs Defined Contribution pensions 04:05 Typical liability profile of defined benefit pensions 07:33 Switch from equities to bonds to match liability profile to reduce interest and inflation risk 14:12 Liability Driven Investing strategies explained 17:50 Recapitalisation process 20:08 What happened after mini-budget announcement 27:40 What is going to give as pension funds delever. 39:30 What is the outlook for interest rates