Liability-Driven Investment: Caught short
Pension funds recognise that they are exposed to movements in long-term interest rates when they enter into swap contracts – that is the point of the hedge. But Emma Cusworth draws attention to the importance of volatility in the short-dated floating leg too
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IPE covers a good variety of very current and relevant topics. It is good to read the high-level, independent and objective perspectives from pension funds in other European countries; many of them are dealing with the same issues as we are, so it is interesting to learn from their experiences, especially when they are ahead of where we are on the curve.
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