FRM Program

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

Our foundational philosophy on constructing liability-hedging and return-seeking portfolios

Showing of Insights Posts

Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper iStrat

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.

Amy Trainor, FSA

Jacqueline Yang, CFA

event

22 min

Whitepaper

2026-06-30

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URL References

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Featured research and implementation ideas

Showing of Insights Posts

Fixed income LDI Alert Liability-driven investing DB Private Program iStrat Strategic allocation Article

The high cost of unfunded duration — and some hope on the horizon

With many corporate DB plans thinking about managing their hedge ratios, members of our LDI Team explain the high cost of synthetic duration, how plans might want to think about this issue when targeting a specific duration profile, and why costs could improve over time.

Multiple authors

event

6 min

Article

2026-03-31

LDI Alert Macro and market Asset allocation DB Private Program Private pension (DB) iStrat Multi-asset Strategic allocation Liability-driven investing Article

Flipping the script: Our updated market outlook and the derisking/rerisking decision

Members of our LDI Team share an unusual outlook for equities and bonds and explain what it could mean for US corporate pension plans contemplating either derisking or rerisking moves from here.

Amy Trainor, FSA

Ian Spencer

event

6 min

Article

2026-02-28

Liability-driven investing Multi-asset Strategic allocation DB Private Program iStrat Private pension (DB) Article

LDI in 2025: Ten questions corporate plan sponsors are asking

Members of our LDI Team address a range of topics that US corporate plans will be thinking about this year, from pension funding and accounting issues to portfolio diversification opportunities.

Amy Trainor, FSA

Ryan Randolph

event

12 min

Article

2026-01-31

Liability-driven investing Strategic allocation Regulatory DB Private Program Multi-asset Whitepaper iStrat

Setting ROAs for 2025: A guide for US corporate and public plans

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

Multiple authors

event

16 min

Whitepaper

2025-11-30

Forked road in St. James Gardens, Liverpool. St James's Cemetery is an urban park behind the Liverpool Cathedral. This photo symbolise a choice between two different paths. Diminishing perspective point of view..

Liability-driven investing Risk management Tactical allocation iStrat Private pension (DB) Multi-asset Article

Why more corporate plans should pass on pension risk transfers

LDI Team Chair Amy Trainor explains why she believes a pension risk transfer may, in many cases, not be the best choice for fully funded plans from a cost/benefit standpoint.

Amy Trainor, FSA

event

5 min

Article

2025-11-30

Liability-driven investing Portfolio construction DB Private Program iStrat Equity Fixed income Whitepaper Tactical allocation

Extra credit for corporate plans: Advanced topics in LDI implementation

To help corporate DB plans refine their liability-hedging strategies, members of our LDI Team take a deep dive on 3 key liability risks and offer ideas to help improve the design of hedging portfolios.

Amy Trainor, FSA

Jacqueline Yang, CFA

event

25 min

Whitepaper

2026-08-31

Private investing iStrat Strategic allocation Private pension (DB) Article Private credit Americas Liability-driven investing DB Private Program

Private placements: A primer for corporate DB plans preparing to derisk

With many corporate DB plans exploring derisking opportunities, Portfolio Manager Elisabeth Perenick and Multi-Asset Strategist Amy Trainor discuss the potential role that private investment-grade credit, or private placements, could play and consider common questions about liquidity and allocation sizing.

Elisabeth Perenick, FSA, CFA

Amy Trainor, FSA

event

9 min

Article

2025-08-31

Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper iStrat

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

Amy Trainor, FSA

Jacqueline Yang, CFA

event

22 min

Whitepaper

2026-06-30

LDI Alert Interest rates Private pension (DB) Liability-driven investing Volatility Tactical allocation Article iStrat

Time to derisk? Funded status up, but potential volatility ahead

LDI Team Chair Amy Trainor explains why US corporate DB plans may have a rare and limited opportunity to derisk and offers suggested action steps.

Amy Trainor, FSA

event

3 min

Article

2025-05-06

Liability-driven investing Equity Private pension (DB) iStrat Factor solutions Multi-asset Strategic allocation Factors iStrat program Article

Using defensive equities in a return-seeking portfolio: A factor framework for corporate plans

Members of our LDI and Fundamental Factor teams share their views on defensive equity investments, including their role in a plan's portfolio and the current environment for defensive factors.

Tom Simon, CFA, FRM

Amy Trainor, FSA

event

Article

2025-03-31

Liability-driven investing Asset allocation Regulatory iStrat program Multi-asset Private pension (DB) Article iStrat Tactical allocation

Corporate pension trends and topics: What’s top of mind for 2024?

Members of our LDI Team address a range of topics that US corporate plans will be thinking about in the coming year, from pension funding and accounting issues to portfolio diversification opportunities.

Amy Trainor, FSA

Ryan Randolph

event

Article

2025-01-31

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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

End-state investing framework

Pension accounting updates

Cash balance framework

2. Investments for a broad range of objectives

Liability matching

Long-duration

Long credit/corporate
Long government/corporate
STRIPS and Treasuries

Intermediate credit/corporate

LDI diversifiers

Long-duration securitized
Taxable municipals
Private placements
Portable alpha

Liability-aware diversifiers

Listed infrastructure and REITs

Return-seeking fixed income

Hedge funds

Return seeking: Core and defensive equity

Core equity

Core global and regional equities
Extension (140/40) strategies
Late-stage private equity

Defensive equity

Income-oriented equity strategies
Cash compounder equity strategies
Low-volatility equities
Multi-strategy equity solutions
Multi-factor equity solutions

3. LDI portfolio construction and reporting

Custom LDI benchmark blends

Completion management

Cash bond portfolios with derivative overlays

Cash-flow-driven investment

Dynamic pension management

Cash balance solutions

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, and Portfolio Manager

Experience

30 years of professional experience, 18 years in asset management, and 13 years in actuarial accounting

Amy helps corporate pension sponsors set strategic asset allocation policy. She manages customized multi-asset portfolios, including glidepath approaches and completion mandates. 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 Audit Committee and Investment Stewardship Committee

LDI fixed income portfolio manager

Connor Fitzgerald

, CFA

Fixed Income Portfolio Manager

Jeremy Forster

Fixed Income Portfolio Manager

Joseph Marvan

, CFA

Fixed Income Portfolio Manager

Sean Lamkin, CFA

Fixed Income Portfolio Manager

Scott St. John

, CFA

Fixed Income Portfolio Manager

Portfolio management resources

Brian Conroy

, CFA

Fixed Income Portfolio Manager

Caroline Casavant

Fixed Income Analyst

Emeka Onukwugha

, CFA

Head of Private Placements

Liz Perenick

, CFA, FSA

Head of Portfolio Management, Private Placements

Marc Piccuirro

, CFA

Fixed Income Portfolio Manager

Schuyler Reece

, CFA

Fixed Income Portfolio Manager

Actuarial & quant resources

Bill Schmitt

Asc Dir, Risk Oversight, FI & Diversified Alts

Peter Matheos

, PhD

Director, Global Risk and Analytics

Zhenzhen Zhang

, CFA

ALM and Regulatory Capital Strategist

LDI portfolio construction

Christian Erazo

Investment Specialist

Jacqueline Yang

, CFA

Investment Strategy Analyst

Katherine Brophy

Investment Strategy Analyst

Ryan Hannum

Investment Analyst

Samuel Steere

, CFA

Investment Director

Valerie Villegas-Hoag

Investment Specialist

Client & consultant views

Amy Morse

, CFA

Director of Pension Strategies and Relationship Manager

Brendan MacKenzie

, CFA

Consultant Relations Manager

Ryan Randolph

Director of Corporate Pension Strategies and Relationship Manager

Ryan Randolph

Director of Corporate Pension Strategies and Relationship Manager

Let's talk LDI

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

Send a message

Explore insights

Showing of Insights Posts

Income Fixed income Outlook Content CoE Program Global Program Capital preservation Diversification Article

Two key questions that bond investors should not ignore

Investment Directors Amar Reganti and Marco Giordano and Portfolio Manager Campe Goodman tackle two key questions that are likely to be top of bond investors’ minds during the second half of 2025.

Multiple authors

event

Article

2026-06-30

Macro and market Economic cycle Outlook Content CoE Program Global Program Article

Could the global policy response misfire?

In their mid-year macro outlook, Macro Strategists John Butler and Eoin O’ Callaghan discuss how the global policy response to the trade shock could misfire, with major implications for investors.

John Butler

Eoin O'Callaghan

event

Article

2026-06-30

Sustainability policies Stewardship Business practices Sustainable investing ESG Climate Report

2024 Sustainability Report

We appreciate the opportunity to share our approach to advancing sustainable practices across our investment, client, and infrastructure platforms.

event

Report

2026-05-31

Private investing Venture capital Private companies Private Investing Program Economic cycle ESG insights for private companies Private equity Mid-stage Early stage ESG Video

Private market perspectives

Hear from private market experts across our early-stage venture, climate growth, late-stage biomedical, late-stage growth, private credit, and ESG teams.

Multiple authors

event

5 min

Video

2026-01-28

Supporting our clients’ net zero goals

We share an update on our client-centric, engagement-driven approach to net zero, which focuses on supporting competitive financial outcomes.

Wendy Cromwell, CFA

Julie Delongchamp, CFA

event

12 min

2026-01-31

Outlook Liquid alternatives & hedge funds Hedge funds Private credit Volatility Economic cycle Private equity Article

Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

Adam Berger, CFA

Alex King, CFA

event

Article

2025-12-31

Private company management Private equity ESG Private companies Private portfolio companies ESG insights for private companies Private investments Article

Governance best practices in public markets

For private companies approaching the public markets, we highlight the corporate governance best practices that can help pave strong relationships with public market investors.

Multiple authors

event

7 min

Article

2025-12-31

Outlook Equity Volatility Growth Cash-driven investing Market commentary Active management Article

Equity Market Outlook

In our Equity Market Outlook, we offer a range of fundamental, factor, and sector insights.

Andrew Heiskell

Nicolas Wylenzek

event

Article

2025-12-31

Impact Private portfolio companies Venture capital Private Investing Program Impact investing Private equity Impact measurement Private investments Sustainable investing Private investing Article

Measuring impact in venture capital

We highlight why venture capital matters to impact investors and how to authentically measure and manage impact in this asset class.

Oyin Oduya, CFA

event

5 min

Article

2025-11-01

Impact Sustainability Portfolio strategy Impact investing Equity Fixed income Sustainability policies Impact measurement Sustainable investing Article

Impact measurement and management: addressing key challenges

Our IMM practice leader describes common impact investing challenges and suggests ways to overcome them.

Oyin Oduya, CFA

event

5 min

Article

2025-10-31

Impact ESG Sustainability Distribution Impact investing Business practices Sustainable investing Video Unique Perspectives

Impact measurement and management practices

What constitutes an impact investment? How is impact measured? And, what are the benefits of impact investing? Our Impact Management and Measurement Practice Leader Oyin Oduya discusses our approach.

Oyin Oduya, CFA

event

3 min

Video

2025-10-18

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Liability-driven investing

Our edge in ldi

Our foundational philosophy on constructing liability-hedging and return-seeking portfolios

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 and reporting

Meet our ldi team

LDI team chair

LDI fixed income portfolio manager

Portfolio management resources

Actuarial & quant resources

LDI portfolio construction

Client & consultant views

Let's talk LDI

Explore insights

insights

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