LGIM Blog – Robert Pace, Senior Solutions Strategist

Disclaimer: Views in this blog do not promote, and are not directly connected to any Legal & General Investment Management (LGIM) product or service. Views are from a range of LGIM investment professionals and do not necessarily reflect the views of LGIM. For investment professionals only.

Robert Pace

Robert works with clients on LDI and broader solutions-based investment strategy. His three Rs are rates, regulation and arithmetic (showing a maths degree lives on forever). When Robert is not pondering LDI or investment strategy and talking to clients, he can often be found cycling in the Surrey Hills or watching hours of cycling coverage on Eurosport (at 30x speed in order to prolong his marriage).

Other articles by Robert Pace

rates funding

Preserving funding levels as rates fall

With monetary easing cycles under way in developed economies and bonds once again providing potential insurance against equity risk, we believe that interest rate hedging could be key for DB schemes looking to maintain elevated funding levels.

CPI Basis

LDI chart update: I CPI

What's going on with the Consumer Prices Index (CPI) and how could it impact DB pension schemes?

Spread LDI

LDI chart update: Where next for credit spreads?

With little sign of tight spreads abating, a series of questions from investors remain: How long can spreads remain tight? When will spreads widen? Is now a good time to invest in credit?

value eye

LDI chart update: Value is in the eye of the bondholder

Although headline real yields trade around 1.5%, average forward real yields post-RPI reform (after 2030) are just under 2%, which is well above historical long-term cash returns of 0.9%.

low spread

Investing for the endgame at low spreads

As credit spreads have tightened, what could this mean for endgame investors’ investment strategies?

LGPS options

LGPS Intelligence: Options for mitigating equity risk

With LGPS funding levels much improved and US equities near all-time highs, what options do LGPS funds have to guard against potential equity market falls?

Gilts vs0

LDI chart update: Is the price now right?

The spread of gilts over swaps rose steadily over 2023, as the market made room for supply. The first few months of 2024 have seen a pause in this dynamic.

Expect 0

Assessing the impact of lower life expectancy

With many pension funds likely to adopt new longevity assumptions over the coming months, what are the implications for DB schemes and markets?

Solutions 2024

What lies ahead for DB schemes?

In this outlook we set out key themes for the year ahead, including renewed focus on credit allocations, hedging, falling longevity and equity derivative strategy.

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