This document summarizes a presentation given by Robert Gardner of Redington on de-risking pension strategies and alternative investments. The presentation covers the current challenging economic environment for UK pensions, introduces the concept of liability driven investments (LDI) and dynamic de-risking, and provides examples of alternative investments that can provide long-term inflation-linked cash flows like infrastructure and social housing assets. The document emphasizes setting clear objectives and using a risk management framework to monitor investments and adapt strategies over time to better meet pension goals and de-risk liabilities.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Veteran Silicon Valley attorney Roger Royse will discuss, compare and contrast the various options available to entrepreneurs when it comes to funding their startup.
The speaker will address some common questions when it comes to funding for startups, including:
1) What are the best funding options for entrepreneurs to scale their business?
2) When should entrepreneurs pursue external funding?
3) How do entrepreneurs choose the right investor?
4) What alternative sources of funding are available?
5) How and why should a founder stage their funding rounds?
6) When should a founder think about exiting?
7) How can advisers help with the funding process?
and more!
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
What Family Business Advisors Need to Know About ValuationMercer Capital
Family business advisors help companies and leaders navigate a wide range of business and family challenges, ranging from corporate governance to succession planning to family relationship dynamics and all points in between. This whitepaper helps fill in that gap.
Nhóm Thiền Kim Tự Tháp - Pyramid Spiritual Society Movement
Be a light unto yourself!
Hãy thắp sáng ngọn lửa trong bản thể của chính mình!
Các lớp Thiền miễn phí liên hệ:
Mobile: 0988806796 (Mr Quyết), 0909055498 (Ms Thanh)
Email: thiendinh2012@gmail.com
Website: www.kimtuthap.org
www.pssmovement.org/vietnamese
Facebook: http://www.facebook.com/Thiendinhkimtuthap
Skype: thiendinh2012
Biodiversity Offsetting for Mining, Energy and Infrastructure Development‘Ho...Aaron Organ
Biodiversity Offsetting for Mining, Energy and Infrastructure Development‘How biodiversity offsets can potentially impact projects and how to achieve offsets in a cost -effective way’
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Veteran Silicon Valley attorney Roger Royse will discuss, compare and contrast the various options available to entrepreneurs when it comes to funding their startup.
The speaker will address some common questions when it comes to funding for startups, including:
1) What are the best funding options for entrepreneurs to scale their business?
2) When should entrepreneurs pursue external funding?
3) How do entrepreneurs choose the right investor?
4) What alternative sources of funding are available?
5) How and why should a founder stage their funding rounds?
6) When should a founder think about exiting?
7) How can advisers help with the funding process?
and more!
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
What Family Business Advisors Need to Know About ValuationMercer Capital
Family business advisors help companies and leaders navigate a wide range of business and family challenges, ranging from corporate governance to succession planning to family relationship dynamics and all points in between. This whitepaper helps fill in that gap.
Nhóm Thiền Kim Tự Tháp - Pyramid Spiritual Society Movement
Be a light unto yourself!
Hãy thắp sáng ngọn lửa trong bản thể của chính mình!
Các lớp Thiền miễn phí liên hệ:
Mobile: 0988806796 (Mr Quyết), 0909055498 (Ms Thanh)
Email: thiendinh2012@gmail.com
Website: www.kimtuthap.org
www.pssmovement.org/vietnamese
Facebook: http://www.facebook.com/Thiendinhkimtuthap
Skype: thiendinh2012
Biodiversity Offsetting for Mining, Energy and Infrastructure Development‘Ho...Aaron Organ
Biodiversity Offsetting for Mining, Energy and Infrastructure Development‘How biodiversity offsets can potentially impact projects and how to achieve offsets in a cost -effective way’
Defined benefit pension plans represent a growing financial risk for many employers. To reduce the risk and volatility inherent in unfunded pension obligations, employers are increasingly turning to de-risking strategies. Each de-risking strategy involves various technical issues, and employers need to stay up to date on the latest legal developments in this rapidly changing area.
De-risking the broadband business model was presented at Informa's Industry Outlook 2012. The starting point summarizes the challenges the incumbent Telco is facing with the emergence of the smartphone, mobile applications and social media. Then it takes you to the Digital Agenda 2020 for Europe and inspects what needs to happen to make it come through.
This short guide provides you with an introduction to how you can earn attractive returns of between 5-12% pa* by investing in Peer-to-Peer Loans secured against UK income producing Commercial Property.
*After fees, but before bad debts & taxes. Capital at risk
The Impact of Technology on the Pensions IndustryRedington
The impact of technology on the pensions industry (past, present, future).
Prezi version: https://prezi.com/aadascppmnor/the-impact-of-technology-on-the-pensions-industry
Making Decisions; An Effective Trustee BoardRedington
What are the 10 core strengths of a Trustee Ninja?
1. Passion
2. Trust
3. Open Minded
4. Intellectual Curiosity
5. Numeracy
6. Collegiate
8. Prepare to challenge and be challenged
7. Seeing the wood for the trees
9. Prepare to stand out from the crowd
10. Make decisions and live with the consequences
"I haven’t told you the best part,” said Grandpa. “When you save your acorns, they don’t just sit there and wait for you. They grow into trees, and the trees give you more and more acorns.”
Join Oliver and Amelia as Grandpa teaches them the importance of saving. They hear the story of how the bears saved the monkeys. They learned about the consequences of wasting bananas, sharing berries and saving acorns. The best part is the acorns they save can grow over time into trees with more acorns.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
1. Redington
13-15 Mallow Street
London EC1Y 8RD
T. 020 7250 3331
www.redington.co.uk
twitter.com/redingtontweets
ACA Members’ Conference – 2012: Challenging Times
De-risking and beyond
Robert Gardner, Redington
3rd February 2012
2. 2
Contents
Where are we?
• UK Pensions Today – 30-year gilt yield
Where are we going?
• Liability Driven Investments
• Setting Clear Goals & Objectives
Importance of Strong Governance
The Pensions Risk Management Framework
The Flight Plan
How do we get there?
• Dynamic De-Risking
• Alternative Sources of Inflation-Linked Assets
Key Features
Examples
Water Infrastructure
5. Liability Driven Investments (LDI)
A Chronology
5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
30-YearGiltRealYieldin%
Boots Pension Fund shifts to 100% AAA long-
dated sterling bond allocation
DMO issues 50-year inflation-linked gilt
F&C launches
equity-linked
pooled bond
fund
30-Year Gilt Real Yield & Key Events in LDI
Inflation concerns elevated after oil price hits record $145
per barrel
Friends Provident implements first
derivative-based inflation and interest
rate hedge
Collapse of Lehman Brothers, traditional
gilt/swap spread inverts
Barclays Global Investors launches
segregated and pooled funds
for LDI
Source: Bloomberg, Redington
8. Objective Triggers Performance Indicators Actual Performance
What is the overall objective? Full funding on self-sufficiency basis By 2020 on a swaps + [50]bps basis with
contributions of £[25]m p.a.
How will we measure the objective? Required return on the scheme’s assets Required return of assets is swaps +
[160]bps
What are the primary risk targets? Required return at risk (RRaR)
Contributions at Risk (CaR)
RRaR < swaps +[200]bps
CaR should be kept below £[50]m
What is the secondary risk target? Value at Risk (VaR) VaR should not exceed [20]% of the
liabilities
What are the primary aspirational
targets?
To be fully inflation and interest rate
hedged
Hedge ratios should be equal to [100%]
What are the secondary aspirational
targets?
Increase efficiency of hedges by earning
more return for same risk
Regular monitoring of relative value of
swaps vs. gilts
What is the primary scheme
constraint?
Liquidity Sufficient liquidity to make pension
payments
What is the secondary scheme
constraint?
Collateral requirements Enough available collateral to cover the 1-
year derivative [VaR95]
Metric is at or
above target
Metric is within
10%of target
Metric is more
than 10% away
from target
Setting Clear Goals & Objectives
The Pensions Risk Management Framework
9. 2012 2013 2014 2015 2016 2017 2018 2019 2020
GBPMillions
Liabilities Path ActualLiabilities Assets Path ActualAssets
Time Horizon
Liability Basis
Contributions &Asset Returns
9
Setting Clear Goals & Objectives
The Flight Plan – from “set and forget” to “anticipate and react”
10. 10
Case Study – A Redington Client: Dynamic De-Risking
The Pension Risk Management Framework in Action
Original strategy 78.4%
Dynamic de-risking 79.2%
Low risk allocation (no derisking) 79.2%
Original strategy 70.6%
Low risk allocation (no de-risking) 71.8%
Dynamic de-risking 76.2%
Original strategy 82.3%
Low risk allocation (no de-risking) 84.9%
Dynamic de-risking 85.1%
Funding level comparison
01/10/2010 – 07/09/2011
Fundinglevel
Funding Level Volatility
Original strategy 18%
Low Risk Allocation 16%
Dynamic de-risking 13%
Source: Redington
12. 12
-6
-4
-2
0
2
4
6
8
0 5 10 15 20 25 30
GBPMillions
Years
Initial investment
Attractive real
returns
Inflation-linked
cashflows
Providing a match for
liabilities
Inflows
Outflows
Source: Redington
Flight Plan Consistent Asset – Example Cashflow Profile
Flight Plan Consistent Assets
Key Features
13. • Take advantage of attractive yields on long-term secured property
leases
• Yields may be in excess of yields on corporate bonds issued by
same borrower
• Long-dated index-linked cashflows
Secured Leases
• Ground rent created when freehold land or building is sold on long
lease
• Typically “pepper-corn” rent for land only (not buildings)
• Offers attractive returns, limited credit risk and high level of
security
Ground Rents
• Low-cost rental housing provided for disadvantaged people in
need of housing
• Generally provided by local councils and housing associations
• Offers long-dated, inflation-linked cashflows from secured
borrowers (i.e. housing associations) with quasi-government
guarantee
Social Housing
• Investing in public sector projects through, for example, Private
Finance Initiatives (PFIs), bespoke investments structures or by
purchasing a suitable infrastructure asset
• Wide range of possible assets, from roads to power generation
• Long-term, potentially inflation-linked revenue streams
Infrastructure
Flight Plan Consistent Assets
Examples
14. • Bought by HSBC in August 2011 (for warehousing)
for £74m
• Provides water for 300,000 people in Cambridgeshire
• 2010/2011: Revenue of £20m with profits of £7m
before tax with no external debt except for a revolving
credit facility to cover working capital
• Attractive purchase opportunity for a large pension fund or a
consortium of funds
• Redington advised two UK schemes who bid for this asset. However,
although this bid was acceptable on price, it could not compete with
the winning cash bid which had an accelerated timetable and no due
diligence
Flight Plan Consistent Assets
Water Infrastructure
Example: Tapping the illiquidity premium in water
The UK water sector is an excellent example of a Flight Plan
Consistent Asset, providing the security, returns and cashflows
that pension funds need.
• Economic environment has small impact on returns:
water is a necessity and will therefore be demanded
irrespective of economic growth.
• Inflation-linked cashflows and returns: water companies’
regulatory regime means they can increase prices in line
with the agreed price review which in turn is based on a
formula related to RPI.
• Low regulatory risk: The regulator’s desire to increase
competition in the area could have a negative impact on
returns but the Government is likely to block any such
move.
Water sector: key characteristics
Case study: Cambridge Water
14