Liability-driven investing

Innovative LDI solutions and the ability to partner with plan sponsors at ALL stages of plan design and implementation

Our edge in ldi

Our client solutions draw on multi-asset skill within a distinctively collaborative environment

Fixed income expertise in rates, credit, securitized, and derivative markets
Deep fundamental credit research enhanced by equity investor perspectives
Specialist trading resources to help support liquidity needs
Actuaries who translate liability cash flows into practical investment ideas
Experience managing full pension solutions and implementing glidepath approaches

LET'S TALK LDI

Ldi alerts

Showing of Insights Posts

Credit Interest rates LDI Alert Opportunities and risks Multi-asset Fixed income USA Liability-driven investing Private pension (DB) Article

Intermediate credit: A compelling LDI opportunity?

While it has been a painful start to the year for credit investors, Portfolio Manager Connor Fitzgerald sees a structural case for intermediate credit and a potential near-term window of opportunity.

Connor Fitzgerald, CFA

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Article

2023-06-30

Portfolio policy Fixed income Article Defined contribution (DC)

LDI Alert — Adding intermediate credit to the derisking tool kit: What plan sponsors need to know

With a growing number of derisking plans seeking exposure to intermediate credit, members of our LDI team highlight some key investment considerations.

Bill Cole, CFA, CAIA

Connor Fitzgerald, CFA

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Article

2022-03-31

Private pension (DB) Macro and market USA Multi-asset Liability-driven investing LDI Alert Portfolio construction Volatility Article

Preserving funded-ratio stability in volatile markets

Faced with extreme market volatility in the early months of 2022, what can corporate DB plan sponsors do to potentially provide stability in their portfolios while still pursuing longer-term funding aspirations? Multi-Asset Strategist Amy Trainor offers thoughts on rerisking, hedge ratios, and liability-hedging and return-seeking allocations.

Amy Trainor, FSA

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Article

2023-03-31

Liability-driven investing Private pension (DB) Fixed income Article

Time to buy credit or Treasuries? Ideas on calibrating the trade-off

After hitting derisking triggers in 2021, many plans are looking ahead to the next trigger and thinking about how expensive the investment-grade credit market is currently. LDI Team members Connor Fitzgerald and Bill Cole offer metrics to aid the decision-making process and consider potential alternatives.

Bill Cole, CFA, CAIA

Connor Fitzgerald, CFA

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Article

2022-11-30

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Everything you want to know about ldi

Members of our LDI Team offer a primer on the nuts and bolts of liability-driven investing as well as more advanced concepts and best practices — all in 30 minutes.

Featured research and implementation ideas

Showing of Insights Posts

Credit Interest rates LDI Alert Opportunities and risks Multi-asset Fixed income USA Liability-driven investing Private pension (DB) Article

Intermediate credit: A compelling LDI opportunity?

While it has been a painful start to the year for credit investors, Portfolio Manager Connor Fitzgerald sees a structural case for intermediate credit and a potential near-term window of opportunity.

Connor Fitzgerald, CFA

event

Article

2023-06-30

Asset allocation Private pension (DB) USA Liability-driven investing Multi-asset Article

Nearing the finish line: Ideas on end-state investing for corporate DB plans

As corporate plans approach their fully funded “end state,” new goals will need to be set. Members of our LDI team share their research on this transition and the required realignment of asset allocation strategies, including changes in return-seeking and liability-hedging portfolios and key liquidity considerations.

Amy Trainor, FSA

Jacqueline Yang, CFA

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Article

2023-04-30

Private pension (DB) Macro and market USA Multi-asset Liability-driven investing LDI Alert Portfolio construction Volatility Article

Preserving funded-ratio stability in volatile markets

Amy Trainor, FSA

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Article

2023-03-31

Private pension (DB) Alternatives Americas Liability-driven investing Portfolio strategy Opportunities and risks Article

Start at the end: How to size and structure private allocations for corporate plans

How should corporate defined benefit plan sponsors think about the private allocation decision? Members of our LDI and Alternatives teams propose a “start where you want to end up” approach that incorporates liquidity and return requirements.

Multiple authors

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Article

2023-02-28

Multi-asset Liability-driven investing Portfolio strategy Private pension (DB)

LDI in 2022: Nine questions corporate plan sponsors are asking

Our LDI Team offers insights for the coming year, addressing some of the most commonly asked questions on funded ratios, securitized assets, intermediate credit, alternatives, and other return-seeking and liability-hedging topics.

Multiple authors

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Article

2022-12-31

Multi-asset Liability-driven investing Article USA Retirement Asset allocation Portfolio construction

Setting ROAs for 2022: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? How do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

Multiple authors

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Article

2022-10-31

Liability-driven investing Private pension (DB) Fixed income Article

Time to buy credit or Treasuries? Ideas on calibrating the trade-off

Bill Cole, CFA, CAIA

Connor Fitzgerald, CFA

event

Article

2022-11-30

Portfolio policy Fixed income Liability-driven investing Private pension (DB) Article Americas

The evolution of derisking: Assessing new and time-tested liability-hedging ideas

As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.

Multiple authors

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Article

2022-09-30

Multi-asset Liability-driven investing Portfolio construction Private pension (DB) Article

Cash-balance liabilities: A new investment framework

A cash-balance plan is very different from a traditional pension plan, and the differences can have a major impact on the interest-rate sensitivity of the plan’s liability. In this paper, we consider the implications of a cash-balance plan’s design and propose an investment framework focused on capital preservation, consistent income, and liquidity.

Amy Trainor, FSA

Louis Liu, CFA, ASA, MAAA

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Article

2022-06-01

Multi-asset Inflation Liability-driven investing Article Private pension (DB)

Inflation’s big comeback: Should corporate pensions care?

It’s been a long time since anyone worried about inflation getting off the ground. That seems to be changing, and for corporate plans, we think the risk is greater for return-seeking portfolios than liability-hedging portfolios. But we also believe that falling inflation is more worrisome than rising inflation. In this paper, we consider the implications and the potential role of different return-seeking allocations in preparing for various inflation outcomes.

Amy Trainor, FSA

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Article

2022-06-30

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How do we work with you?

We partner with plan sponsors at all stages of the LDI process, tapping the full breadth of Wellington’s capabilities.

1. Custom research and consultation

Liability cash-flow analysis

Asset/liability studies

Glidepath construction

2. Investments for a broad range of objectives

Liability matching

Long-duration

Long credit/corporate
Long government/corporate
STRIPS

Absolute return plus long bonds

Cash balance

Return-seeking: Bridge

Listed infrastructure

Low-volatility equity

Opportunistic fixed income

Multisector credit

Return seeking: Core

Active equity

US
Global
Emerging market

Absolute return strategies

3. LDI portfolio construction

Custom LDI benchmarks

Completion management

Cash bond portfolios with derivative overlays

Cash-flow driven investment (CDI)

Dynamic pension management

This is for illustrative purposes only and is not an investment recommendation. This is not an all-inclusive list of approaches that may fit the stated theme. Investing involves risk, and an investment in an approach could lose money.

Meet our ldi team

LDI team chair

Amy Trainor

, FSA

LDI Team Chair, Multi-Asset Strategist & Portfolio Manager

28 years of professional experience, including roles at Hewitt Associates (Aon Hewitt) and Towers Perrin (Willis Towers Watson)

Amy helps corporate pension sponsors set strategic asset allocation policy. She also manages customised multi-asset portfolios, including glidepath approaches. She partners with the Fixed Income team to implement LDI solutions.

Fellow of the Society of Actuaries (FSA)
Chair of Wellington’s Retirement Benefit Plans Oversight Committee and a member of the Corporate Governance Committee

Long-duration bond managers

Scott St. John

, CFA

Portfolio Manager, Long-Duration Fixed Income

Joe Marvan

, CFA

Portfolio Manager, Long-Duration Fixed Income

Jeremy Forster

Portfolio Manager

Portfolio management resources

Connor Fitzgerald

, CFA

Portfolio Manager

Schuyler Reece, CFA

Portfolio Manager

Sean Lamkin, CFA

Portfolio Manager

Campe Goodman

, CFA

Portfolio Manager

Rob Burn

, CFA

Portfolio Manager

Marc Piccuirro

, CFA

Portfolio Manager

Other team members

Actuarial & quant resources

Louis Liu

, CFA, ASA, MAAA

ALM & Regulatory Capital Strategist

Brendan Fludder

, CFA

Research Manager

Mi Li

, CFA, FSA

Fixed Income Quantitative Analyst

LDI portfolio construction

Jake Brown

, CFA

Investment Director

Sean Sullivan

Investment Specialist

Jacqueline Yang

, CFA

Investment Strategy Analyst

Client & consultant views

Ryan Randolph

Director, Corporate Pension Strategies

Brendan MacKenzie

, CFA

Consultant Relations Manager

Amy Morse

, CFA

Director, Pensions Strategy

Tracey Nykiel

Consultant Relations Manager

Ryan Randolph

Director, Corporate Pension Strategies

Let's talk LDI

To learn more about our LDI capabilities and offerings, please contact us.

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Explore insights

Showing of Insights Posts

Credit Fixed income Opportunities and risks Economic cycle Quick Take

Fixed income: Relative value opportunities amid growth slowdown

In the face of this year's fixed income market turmoil, Fixed Income Portfolio Manager Rob Burn sees attractive opportunities for investors with longer-term time horizons.

Rob Burn, CFA

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Quick Take

2022-10-31

Digital payments Fintech Economic cycle Tech & Innovation Disruption Interest rates Equity Global Industry Research Fundamental equity Quick Take Financials

Fintech industry outlook in a recession

We explore the current environment for the fintech industry and highlight a few factors that show why the outlook for payments and other related subindustries may be less challenging than many may anticipate.

Matt Ross, CFA

Bruce Glazer

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Quick take

2023-07-31

Government bonds Monetary policy Opportunities and risks Inflation USA Quick Take Fixed income

Fed rate hikes: A tailwind for bonds?

Global Investment Strategist Nanette Abuhoff Jacobson believes higher-quality, longer-duration bonds may prove resilient even if the Fed keeps raising short-term rates into 2023.

Nanette Abuhoff Jacobson

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Quick Take

2022-10-31

Sustainability Digital transformation Impact Climate Equity Fixed income Impact investing Health care Quick Take

Impact investing: Increasing needs, broadening opportunities

Members of our impact investing team, offer a brief update on our impact platform, which continues to evolve amid an expanding opportunity set in developed and emerging market equities and fixed income.

Joy Perry

Meredith Joly

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Quick Take

2022-12-31

Outlooks Alternatives Hedge funds Alternatives investing Asset allocation Manager selection Portfolio construction Volatility Fixed income Private equity Article

Mid-2022 Alternative Investments Outlook

As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategist Cara Lafond explains how alternative investments could potentially play a role in improving portfolio resilience and returns.

Multiple authors

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Article

2023-08-31

Impact Sustainability Health care Climate Sustainable investing Equity Fixed income Impact investing Global Impact Global Impact Bond Report Global Impact Annual Report (GIAR)

Global Impact Annual Report

Discover how we evolved our impact platform in 2021 and tracked the impact progress of select portfolio companies and issuers.

Multiple authors

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Report

2023-11-09

Impact investing Sustainability Stewardship Sustainable investing Impact Climate Equity Fixed income Quick Take

Evolving impact investing for better potential outcomes

Our impact portfolio managers provide a snapshot of recent highlights and developments in impact investing.

Multiple authors

event

Quick Take

2022-09-30

ESG Sustainability Fixed income Macro and market Government bonds Credit Sustainable investing Impact investing Article

Sustainable fixed income investing comes of age

ESG integration and sustainable investing have gained considerable traction in global fixed income markets. Investment Directors Anand Dharan and Meredith Joly and Fixed Income Trader Keenan Choy discuss this ongoing trend and some of its key implications for asset allocators.

Multiple authors

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Article

2023-06-30

Sustainable investing Impact investing Climate Fixed income Equity

Impact investing in practice: supporting the shift to alternative energy

In this case study, we explore how our impact team supports the shift to alternative energy while seeking to capture the associated return potential.

Tara Stilwell, CFA

Campe Goodman, CFA

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Article

2022-12-31

Equity Macro and market Fintech Asia tech Article Tech & Innovation

Rising short-termism in fintech has a silver lining

Global Industry Analyst Matt Ross looks at the fintech sector as an example of the long-term alpha opportunity that may be available to patient equity investors.

Matt Ross, CFA

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Article

2022-03-14

Equity Tech & Innovation FinTech Article

Game on: Fintech disruptors vs old-school banks

Fintech companies are forcing traditional banks to up their game and rethink their business strategy, including the products they offer. Global Industry Analyst Matt Ross takes a closer look.

Matt Ross, CFA

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Article

2021-08-31

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Liability-driven investing

Our edge in ldi

Ldi alerts

Everything you want to know about ldi

Featured research and implementation ideas

How do we work with you?

1. Custom research and consultation

2. Investments for a broad range of objectives

3. LDI portfolio construction

Meet our ldi team

LDI team chair

Long-duration bond managers

Portfolio management resources

Other team members

Actuarial & quant resources

LDI portfolio construction

Client & consultant views

Let's talk LDI

Explore insights

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