Recording | Defined Benefit Pension Schemes’ Liability-driven Investing Strategies

Exploring the Financial Stability Implications of Defined Benefit Pension Schemes’ Liability-driven Investing Strategies

About the Webinar 

Defined benefits pension schemes have always faced the challenges of being adequately liquid and resourced to pay members’ liabilities as they become due. In a previously low interest rate and low yield environment, liability-driven investing strategies could meet schemes’ needs. The recent changes in the monetary environment and the Chancellor’s mini-budget have led to a dramatic rise in the risks of LDI strategies and triggered systemic risk implications for DB pension schemes and the gilts market.

This webinar intends to shed light on this opaque and not well-studied corner of financial risk management and its systemic risk implications, as well as legal and regulatory implications that follow. Our keynote speaker is an expert and investment consultant, and will discuss the rationales and structures of LDI strategies and their marketing to DB pension schemes. Our panel of discussants critically reflects on this market and teases out legal and regulatory aspects including pension trustees’ duties, asset managers’ duties as well as the role and responsibilities of the Pensions Regulator.

Key Speaker

Dan Mikulskis, Partner, LCP

Dan is a partner at LCP and lead investment advisor, working with investors such as wealth managers and pension funds. He also hosts LCP’s weekly investment podcast: Investment Uncut. Dan has been advising on investment strategy in various roles for over 17 years. Prior to joining LCP, Dan led the DB business at investment-specialist Redington. Previous roles included derivatives focused roles at Macquarie bank and Deutsche Bank, and Dan started his career as an investment consultant at Mercer where he developed models used in some of the early LDI hedging projects. Dan is a Fellow of the Institute of Actuaries and holds an MA in mathematics from Trinity College Cambridge

Discussants

Dr Vincenzo Bavoso, Senior Lecturer in Law, University of Manchester

Vincenzo is a Senior Lecturer in Commercial Law in the Law School, University of Manchester. Before moving to Manchester in 2014 he held academic appointments at Durham University (2013-15) and Kingston University (2011-13). He completed his PhD in Corporate and Financial Law at the University of Manchester in 2012, during which time he was a part-time associate lecturer.

Prior to entering academia, Vincenzo was a practising lawyer in Italy and subsequently in Monaco and the UK. Vincenzo’s research and teaching expertise lies at the intersection of financial regulation and corporate governance. He has published widely in these areas and has participated in a number of policy-making exercises (Foundation for European Progressive Studies; Centre for European Policy Studies; European Capital Markets Institute; Politico). His research has been cited by The EU Parliament, the Wall Street Journal, Bloomberg, Standards & Poor’s Global Markets.

Vincenzo’s research can be freely accessed on the Social Sciences Research Network: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=718360

Professor Iain MacNeil, Alexander Stone Professor of Commercial Law, University of Glasgow

Iain is the Alexander Stone Professor of Commercial Law at the University of Glasgow. His teaching, research and consulting are focused on corporate governance and financial regulation. He began his academic career after a decade working in investment banking in the City of London. He has undertaken research and collaborated with colleagues in Australia, Canada, China, Hong Kong and the United States. Beyond the University of Glasgow, Iain has several roles. He is a member of the advisory board of the Centre for Business Research at the University of Cambridge, the Board of Trustees of the British Institute of International and Comparative Law, and the International Securities Regulation Committee of the International Law Association. He has acted as Senior Adviser on several projects examining national compliance with EU financial sector Directives.

Chairs

Professor Iris H-Y Chiu, Professor of Corporate Law and Financial Regulation, UCL and Director, UCL Centre for Ethics and Law

Dr Alan Brener, Lecturer, UCL and Deputy Director, UCL Centre for Ethics and Law

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