Yesterday, Iain Clacher and Con Keating published a blog – Counting the costs of liability-driven investment (LDI) six months after the crisis. Here is their response to one of the comments they received…
The Office for National Statistics has just published its Financial Survey of Pension Schemes (FPFS) as of 30 September 2022. At the end of December 2021, the ONS reported net pension assets of £1,821bn, which was essentially the same as the PPF 7800 Index’s value for scheme assets of £1,818bn, and our own estimate of £1,810bn.
“Hidden leverage” was the cause of the “entirely predictable” liability-driven investment (LDI) crisis of the past two months, a Work and Pensions Committee (WPC) inquiry has been told.
The past two weeks have seen significant amounts of time, energy, intellect, and ink spent analyzing what went wrong with liability-driven investment (LDI), and the ex-post rationalization of what was not a black swan event.
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