Defined benefit plans

We have worked with defined benefit (DB) plan sponsors for more than 40 years, and today we manage money for hundreds of corporate and public plans worldwide.


The investment practices of corporate and public plans have evolved in recent years. Corporate plans are increasingly focused on liability-driven investing (LDI), while many public plans are in return-seeking mode. We have tailored our investment capabilities to meet each of these distinct needs.


Each corporate plan has unique challenges. Our dedicated LDI team of actuaries, multi-asset strategists and fixed income investors consults with plans on the design and implementation of plan-specific solutions, bringing to bear innovative research and investment ideas.

We combine this deep LDI specialisation with our firm’s multi-asset capabilities, including a full spectrum of investments for liability-matching and return-seeking allocations.

Learn more about our LDI capabilities.

Amy Trainor

Our framework seeks balanced risk exposures to assets expected to perform well in a variety of economic scenarios, including ‘bridge strategies’ that may offer downside risk mitigation when growth is challenged but still participate in rising equity markets.

Amy Trainor, FSA, EA, Multi-Asset Strategist


Many public plans have return targets that pose a high hurdle when compared with capital market return expectations. We think plans can address this gap through a “stepping stones” approach: making incremental changes that can potentially improve returns without significantly increasing risk. Examples include:

  • Making more effective use of active strategies
  • Investing thematically to take advantage of secular trends
  • Mitigating downside risk to help smooth the path to a return target

To help public plans implement the right steps for their needs, we draw on our firm’s multi-asset research and investment solutions. Learn more about our  stepping stones  approach.

Adam Berger

The beauty of the “stepping stones” approach is that there is no single predetermined path. Plans can seek to improve returns by choosing a subset of steps that are in sync with their investment beliefs and institutional priorities.

Adam Berger, CFA, Multi-Asset Strategist


Mapping the impact of climate change
In this three-minute video, we share the climate-exposure risk-analysis tool we have developed in partnership with Woodwell Climate Research Center. This software helps our investment teams track and assess physical climate risks facing capital-market assets around the world.
January 2021
Mapping the impact of climate change
Tim Antonelli
The future of alternative investments
Director of Alternatives Danny Sharp explores the future of alts — discussing dispersion in today's markets, the opportunities it presents and the impact of the COVID-19 pandemic on the alternative investments landscape.
November 2020
The future of alternative investments
Credit research looms large in the era of COVID-19
In the wake of severe credit-market dislocations earlier this year, Fixed Income Portfolio Manager Mahmoud El-Shaer shares his thoughts on the growing importance of credit research in a still-uncertain environment.
August 2020
Credit research looms large in the era of COVID-19
A new diversification regime for Australian investors
Multi-Asset Strategist Nick Samouilhan discusses the growing importance of currency behaviour and global equity cross-correlations for Australian investors seeking greater diversification.
April 2020
A new diversification regime for Australian investors
Nick Samouilhan
Could we be approaching “peak cheapness” for value stocks?
In this brief video, quant researcher Owen Lamont offers historical perspective on the recent underperformance of value stocks and thoughts on a return to value leadership.
March 2020
Could we be approaching "peak cheapness" for value stocks?