Introducing the Standish LDI PROGRAMME

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Introducing the Standish LDI PROGRAMME

Andrew Catalan, CFA

Andrew Catalan, CFA - Managing Director & Senior Portfolio Manager of the Liability Driven Investing group

Plan Level Liability Benchmark Definition
isk Tolerance Evaluation
Objectives Specification
Glidepath Development
Refining Fixed Income Allocation
Approaches to Benchmarking
Manager Level Benchmark Assignment
Monitoring Outcome
Establishing Completion Management


Contemplating an LDI journey can appear daunting given the number of factors to consider, the broad interest and influence of numerous stakeholders, and the dramatic changes that may be undertaken. In this paper and a subsequent series, we outline a framework that takes a plan sponsor through the decision-making process along each stage of implementing an LDI program. To derive this framework, we have tapped our LDI team to share their research, thoughts, and experiences in working with numerous pension funds in developing LDI strategies. Parts of the framework can be used as tools or even templates in developing a plan, but we emphasize that there are no precise answers or one-size-fits-all solutions. Ultimately, we believe the framework is effective in incorporating the unique circumstances of a given plan sponsor in developing a comprehensive LDI program.

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