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FRM Program

Liability-driven investing

Innovative LDI solutions and the ability to partner with plan sponsors at ALL stages of plan design and implementation

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Our edge in ldi

Our client solutions draw on multi-asset skill within a distinctively collaborative environment

  • Fixed income expertise in rates, credit, securitized, and derivative markets
  • Deep fundamental credit research enhanced by equity investor perspectives
  • Specialist trading resources to help support liquidity needs
  • Actuaries who translate liability cash flows into practical investment ideas
  • Experience managing full pension solutions and implementing glidepath approaches
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Our foundational philosophy on constructing liability-hedging and return-seeking portfolios

Showing 1 of 1 Insights Posts
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Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper iStrat
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

The evolution of derisking: Assessing new and time-tested liability-hedging ideas

As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.

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By

Amy Trainor, FSA

Jacqueline Yang, CFA

event July 2024
22 min
Whitepaper
2026-06-30
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Featured research and implementation ideas

Showing 1 of 1 Insights Posts
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Fixed income LDI Alert Liability-driven investing DB Private Program iStrat Strategic allocation Article
Archived info

The high cost of unfunded duration — and some hope on the horizon

With many corporate DB plans thinking about managing their hedge ratios, members of our LDI Team explain the high cost of synthetic duration, how plans might want to think about this issue when targeting a specific duration profile, and why costs could improve over time.

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Multiple authors

event March 2025
6 min
Article
2026-03-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
850495466
LDI Alert Macro and market Asset allocation DB Private Program Private pension (DB) iStrat Multi-asset Strategic allocation Liability-driven investing Article
Archived info

Flipping the script: Our updated market outlook and the derisking/rerisking decision

Members of our LDI Team share an unusual outlook for equities and bonds and explain what it could mean for US corporate pension plans contemplating either derisking or rerisking moves from here.

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By

Amy Trainor, FSA

Ian Spencer

event February 2025
6 min
Article
2026-02-28
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
1049831686
Liability-driven investing Multi-asset Strategic allocation DB Private Program iStrat Private pension (DB) Article
Archived info

LDI in 2025: Ten questions corporate plan sponsors are asking

Members of our LDI Team address a range of topics that US corporate plans will be thinking about this year, from pension funding and accounting issues to portfolio diversification opportunities.

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By

Amy Trainor, FSA

Ryan Randolph

event January 2025
12 min
Article
2026-01-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
11 LOAD {count} MORE

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How do we work with you?

We partner with plan sponsors at all stages of the LDI process, tapping the full breadth of Wellington’s capabilities.

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1. Custom research and consultation

Liability cash-flow analysis

Asset/liability studies

Glidepath construction

End-state investing framework

Pension accounting updates

Cash balance framework

2. Investments for a broad range of objectives

Liability matching

Long-duration

  • Long credit/corporate
  • Long government/corporate
  • STRIPS and Treasuries

Intermediate credit/corporate

LDI diversifiers

  • Long-duration securitized
  • Taxable municipals
  • Private placements
  • Portable alpha

Liability-aware diversifiers

Listed infrastructure and REITs

Return-seeking fixed income

Hedge funds

Return seeking: Core and defensive equity

Core equity

  • Core global and regional equities
  • Extension (140/40) strategies
  • Late-stage private equity

Defensive equity

  • Income-oriented equity strategies
  • Cash compounder equity strategies
  • Low-volatility equities
  • Multi-strategy equity solutions
  • Multi-factor equity solutions

3. LDI portfolio construction and reporting

Custom LDI benchmark blends

Completion management

Cash bond portfolios with derivative overlays

Cash-flow-driven investment

Dynamic pension management

Cash balance solutions

This is for illustrative purposes only and is not an investment recommendation. This is not an all-inclusive list of approaches that may fit the stated theme. Investing involves risk, and an investment in an approach could lose money.

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Meet our ldi team

LDI team chair

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Amy Trainor

Amy Trainor

, FSA

LDI Team Chair and Multi-Asset Strategist, Portfolio Manager
Experience

30 years of professional experience, 18 years in asset management, and 13 years in actuarial accounting

Amy helps corporate pension sponsors set strategic asset allocation policy. She manages customized multi-asset portfolios, including glidepath approaches and completion mandates. She partners with the Fixed Income Team to implement LDI solutions.

  • Fellow of the Society of Actuaries (FSA)
  • Chair of Wellington’s Retirement Benefit Plans Oversight Committee and a member of the Audit Committee and Investment Stewardship Committee

LDI fixed income portfolio manager

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Connor Fitzgerald

Connor Fitzgerald

, CFA

Fixed Income Portfolio Manager
jeremy forster

Jeremy Forster

Fixed Income Portfolio Manager
marvan-joseph-2951

Joseph Marvan

, CFA

Fixed Income Portfolio Manager
lamkin-sean-648x648

Sean Lamkin, CFA

Fixed Income Portfolio Manager
stjohn-scott-2840

Scott St. John

, CFA

Fixed Income Portfolio Manager

Portfolio management resources

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brian conroy

Brian Conroy

, CFA

Fixed Income Portfolio Manager
Casavant-Caroline

Caroline Casavant

Fixed Income Analyst
Emeka Onukwugha

Emeka Onukwugha

, CFA

Head of Private Placements
perenick elisabeth

Liz Perenick

, CFA, FSA

Head of Portfolio Management, Private Placements
piccuirro-marc

Marc Piccuirro

, CFA

Fixed Income Portfolio Manager
Schuyler Reece

Schuyler Reece

, CFA

Fixed Income Portfolio Manager

Actuarial & quant resources

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bill-schmitt-648x648

Bill Schmitt

Asc Dir, Risk Oversight, FI & Diversified Alts
matheos-peter-7426

Peter Matheos

, PhD

Director, Global Risk and Analytics
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Zhenzhen Zhang

, CFA

ALM and Regulatory Capital Strategist

LDI portfolio construction 

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erazo-murillo_christian_9644_u648

Christian Erazo

Investment Specialist
Jacqueline Yang

Jacqueline Yang

, CFA

Investment Strategy Analyst
katherine-brophy-648x648

Katherine Brophy

Investment Strategy Analyst
ryan-hannum-648x648

Ryan Hannum

Investment Analyst
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Samuel Steere

, CFA

Investment Director
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Valerie Villegas-Hoag

Investment Specialist

Client & consultant views

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Amy Morse

Amy Morse

, CFA

Director of Pension Strategies and Relationship Manager
brendan mackenzie

Brendan MacKenzie

, CFA

Consultant Relations Manager
randolph-ryan

Ryan Randolph

Director of Corporate Pension Strategies and Relationship Manager
randolph-ryan

Ryan Randolph

Director of Corporate Pension Strategies and Relationship Manager

Let's talk LDI

To learn more about our LDI capabilities and offerings, please contact us.

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Explore insights

Showing 1 of 1 Insights Posts
annual-meeting
Private investing Venture capital Private companies Private Investing Program Economic cycle ESG insights for private companies Private equity Mid-stage Early stage ESG Video
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Private market perspectives

Hear from private market experts across our early-stage venture, climate growth, late-stage biomedical, late-stage growth, private credit, and ESG  teams.

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Multiple authors

event January 2025
5 min
Video
2026-01-28
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Houses of Parliament in London
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Supporting our clients’ net zero goals

We share an update on our client-centric, engagement-driven approach to net zero, which focuses on supporting competitive financial outcomes.

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By

Wendy Cromwell, CFA

Julie Delongchamp, CFA

event January 2025
12 min
2026-01-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Alternatives Outlook
Outlook Liquid alternatives & hedge funds Hedge funds Private credit Volatility Economic cycle Private equity Article
Archived info

Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

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By

Adam Berger, CFA

Alex King, CFA

event January 2025
Article
2025-12-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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© Copyright 2025 Wellington Management Company LLP. All rights reserved. WELLINGTON MANAGEMENT ® is a registered service mark of Wellington Group Holdings LLP. For institutional or professional investors only.

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