Archive

Author Archive for Gwion Moore


The dangers of flight path planning

Russell-Investments-wire-blog-Dangers-of-flight-path-planning

  ‘Flight planning’ in pensions has many aliases – journey planning, glidepath planning, dynamic derisking. All of these names describe the same idea – investment strategy can change as the scheme’s circumstance changes, and pension schemes should plan ahead for those changes. Typically, this involves planning how the split between growth assets and liability hedging

March 12, 2014 Categories: Uncategorized
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2014 UK interest rate and inflation outlook – a pension scheme perspective

  2014 UK interest rate and inflation outlook – a pension scheme perspective The past year to eighteen months has seen a remarkable sea-change in the UK economy and a turning in prospects for the interest rate and inflation markets. Coming out of the 2008 crisis the UK economy has experienced the lowest real growth

Jan 22, 2014 Categories: Uncategorized
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A big ‘thank-you’ from The Wire

  Since we launched “The Wire” in early 2013 we have all learnt a great deal. From blogging itself, to the power of social media, to how to please (and not please) your compliance officer – things have certainly been interesting. Our aim for the blog was to “bring together ideas from across the firm

Dec 23, 2013 Categories: Uncategorized
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Six reasons why Fiduciary Management is much more than “LDI+DGF” – part 6 of 6

Yesterday, in the fifth instalment of Six reasons why Fiduciary Management is much more than “LDI+DGF”  we discussed the relationship between interest rates, inflation and currency risk. In this final instalment we discuss how the changing correlation between interest rates and equity can affect DGF (“Diversified Growth Funds”) and pension schemes investors in very different

Dec 16, 2013 Categories: Uncategorized
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Six reasons why Fiduciary Management is much more than “LDI+DGF” – part 5 of 6

Yesterday, in the fourth instalment of Six reasons why Fiduciary Management is much more than “LDI+DGF” we discussed the role of interest rate risk in the growth portfolio. In this blog I discuss the relationship between interest rates/inflation and currency risk: 5. FX risk as the point of intersection between growth and matching For a

Dec 13, 2013 Categories: Uncategorized
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Six reasons why Fiduciary Management is much more than “LDI+DGF” – part 4 of 6

Yesterday, in the third instalment of  Six reasons why Fiduciary Management is much more than “LDI+DGF” we started to examine what it means to integrate growth and matching strategies in general. In this blog we begin looking at specific examples: 4. Role of interest rate risk in the growth portfolio It is often the case

Dec 12, 2013 Categories: Uncategorized
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Six reasons why Fiduciary Management is much more than “LDI+DGF” – part 3 of 6

Yesterday, in the second instalment of Six reasons why Fiduciary Management is much more than “LDI+DGF” We discussed the different nature risk taking between pension schemes and some variety of DGF’s (“Diversified Growth Fund”). In this blog we start to examine what it means to integrate growth and matching strategies. 3. Integrated risk taking and

Dec 11, 2013 Categories: Uncategorized
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Six reasons why Fiduciary Management is much more than “LDI+DGF” – part 2 of 6

Yesterday, in the first instalment of Six reasons why Fiduciary Management is much more than “LDI+DGF we focussed on the difference in the investment objectives between pension schemes and naive DGF (Diversified Growth Fund) strategies. Next we start to look at differences in the way risk is taken:”   2. Stability of beta exposures and

Dec 10, 2013 Categories: Uncategorized
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Six reasons why Fiduciary Management is much more than “LDI+DGF” – part 1 of 6

It is not uncommon to hear Fiduciary Management’s approach to investment for pension schemes abbreviated as “LDI+DGF”, that is Liability Driven Investment (LDI) plus a Diversified Growth Fund (DGF). Undoubtedly an abbreviation but also an oversimplification that risks obscuring some of the most important issues to do with running a pension scheme. A great DGF

Dec 9, 2013 Categories: Uncategorized
Russell Investment Wire - Q end

The QEnding

  Well if nothing else QE has been an interesting journey and an education in monetary theory for all of us. Now with the economy looking like it is improving, a new Governor at the Bank of England and a soon to be new Chair of the Federal Reserve it is starting to look like

Sep 4, 2013 Categories: Uncategorized

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