Liability-driven investing

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

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

LET'S TALK LDI

Our foundational philosophy on constructing liability-hedging and return-seeking portfolios

Showing of Insights Posts

Liability-driven investing Asset allocation Portfolio construction Private pension (DB) iStrat Private debt Multi-asset Strategic allocation Diversification Whitepaper

Liability-hedging diversifiers: What’s on your pension’s playlist?

Corporate pensions moving closer to their end state may benefit from more diversified liability-hedging allocations. To help, LDI Team Chair Amy Trainor offers a liability-hedging diversifiers “playlist” — a set of asset classes and strategies that may harmonize well with a variety of objectives, from downside mitigation to long-term outperformance versus long corporate bonds.

Amy Trainor, FSA

event

Whitepaper

2024-10-31

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Featured research and implementation ideas

Showing of Insights Posts

Liability-driven investing Strategic allocation Regulatory DB Private Program Multi-asset Whitepaper

Setting ROAs for 2025: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? And how do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

Multiple authors

event

16 min

Whitepaper

2025-11-30

Forked road in St. James Gardens, Liverpool. St James's Cemetery is an urban park behind the Liverpool Cathedral. This photo symbolise a choice between two different paths. Diminishing perspective point of view..

Liability-driven investing Strategic allocation Risk management DB Private Program Multi-asset Article

Why more corporate plans should pass on pension risk transfers

LDI Team Chair Amy Trainor explains why she believes a pension risk transfer may, in many cases, not be the best choice for fully funded plans from a cost/benefit standpoint.

Amy Trainor, FSA

event

5 min

Article

2025-11-30

Liability-driven investing Strategic allocation Portfolio construction DB Private Program iStrat Equity Fixed income Whitepaper

Extra credit for corporate plans: Advanced topics in LDI implementation

To help corporate DB plans refine their liability-hedging strategies, members of our LDI Team take a deep dive on 3 key liability risks and offer ideas to help improve the design of hedging portfolios.

Amy Trainor, FSA

Jacqueline Yang, CFA

event

25 min

Whitepaper

2026-08-31

Private debt Liability-driven investing Strategic allocation DB Private Program Private pension (DB) Credit Private investing Americas Article

Private placements: A primer for corporate DB plans preparing to derisk

With many corporate DB plans exploring derisking opportunities, Portfolio Manager Elisabeth Perenick and Multi-Asset Strategist Amy Trainor discuss the potential role that private investment-grade credit, or private placements, could play and consider common questions about liquidity and allocation sizing.

Elisabeth Perenick, FSA, CFA

Amy Trainor, FSA

event

9 min

Article

2025-08-31

Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper

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.

Amy Trainor, FSA

Jacqueline Yang, CFA

event

22 min

Whitepaper

2026-06-30

LDI Alert Interest rates Asset allocation Private pension (DB) Liability-driven investing Volatility Tactical allocation Article

Time to derisk? Funded status up, but potential volatility ahead

LDI Team Chair Amy Trainor explains why US corporate DB plans may have a rare and limited opportunity to derisk and offers suggested action steps.

Amy Trainor, FSA

event

3 min

Article

2024-11-15

Liability-driven investing Asset allocation Equity Private pension (DB) iStrat Multi-Asset qualifier Fundamental Factor qualifer Factor solutions Multi-asset Strategic allocation Factors iStrat program Article

Using defensive equities in a return-seeking portfolio: A factor framework for corporate plans

Members of our LDI and Fundamental Factor teams share their views on defensive equity investments, including their role in a plan's portfolio and the current environment for defensive factors.

Tom Simon, CFA, FRM

Amy Trainor, FSA

event

Article

2025-03-31

Volatility Asset allocation Liability-driven investing Private pension (DB) Credit Fixed income Tactical allocation LDI Alert Article

Bank downgrades: Should LDI investors be worried?

Members of our LDI team discuss the implications of recent US bank credit-rating downgrades and offer potential next steps for corporate plan sponsors.

Multiple authors

event

Article

2024-11-30

Liability-driven investing Asset allocation Portfolio construction Private pension (DB) iStrat Private debt Multi-asset Strategic allocation Diversification Whitepaper

Liability-hedging diversifiers: What’s on your pension’s playlist?

Amy Trainor, FSA

event

Whitepaper

2024-10-31

Liability-driven investing Portfolio construction Multi-asset iStrat Private pension (DB) Article Strategic allocation Multi-Asset solutions Alternatives

Mind the liquidity (and cost) gap: Revisiting a plan’s hedge-ratio approach

Members of our LDI Team take a fresh look at the process of setting and managing liability hedge ratio targets, including liquidity considerations that are top of mind today and the implementation toolkit.

Amy Trainor, FSA

Jeremy Forster

event

Article

2025-06-30

people-looking-ahead-thinking-next-steps

Liability-driven investing Multi-asset iStrat Fixed income Article Private pension (DB) Tactical allocation Multi-Asset solutions

LDI in 2023: 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 in the coming year, from the investment implications of pension accounting changes to the role of alternatives in a return-seeking portfolio.

Multiple authors

event

Article

2023-12-31

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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.

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.

Meet our ldi team

LDI team chair

Amy Trainor

, FSA

LDI Team Chair and Multi-Asset Strategist

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

Connor Fitzgerald

, CFA

Fixed Income Portfolio Manager

Jeremy Forster

Fixed Income Portfolio Manager

Joseph Marvan

, CFA

Fixed Income Portfolio Manager

Sean Lamkin, CFA

Fixed Income Portfolio Manager

Scott St. John

, CFA

Fixed Income Portfolio Manager

Portfolio management resources

Brian Conroy

, CFA

Fixed Income Portfolio Manager

Caroline Casavant

Fixed Income Analyst

Emeka Onukwugha

, CFA

Head of Private Placements

Liz Perenick

, CFA, FSA

Head of Portfolio Management, Private Placements

Marc Piccuirro

, CFA

Fixed Income Portfolio Manager

Schuyler Reece, CFA

Fixed Income Portfolio Manager

Actuarial & quant resources

Bill Schmitt

Asc Dir, Risk Oversight, FI & Diversified Alts

Peter Matheos

, PhD

Director, Global Risk and Analytics

Zhenzhen Zhang

, CFA

ALM and Regulatory Capital Strategist

LDI portfolio construction

Anne Greenwood

, CFA

Investment Director

Christian Erazo

Investment Specialist

Jacqueline Yang

, CFA

Investment Strategy Analyst

Katherine Brophy

Investment Strategy Analyst

Ryan Hannum

Investment Analyst

Sarah Wu

Research Associate

Samuel Steere

, CFA

Investment Director

Valerie Villegas-Hoag

Investment Specialist

Client & consultant views

Amy Morse

, CFA

Director of Pension Strategies and Relationship Manager

Brendan MacKenzie

, CFA

Consultant Relations Manager

Ryan Randolph

Director of Corporate Pension Strategies and Relationship Manager

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.

Send a message

Explore insights

Showing of Insights Posts

Fixed income Elections Monetary policy Content CoE Program Global Program USA Article

Fed stays its course while acknowledging brewing winds of change

Our expert examines the underlying data which drove the Fed to stay its rate-cutting course.

Jeremy Forster

event

4 min

Article

2025-11-30

Chart in Focus Growth Equity Advised Retail Program Market commentary Article

Chart in Focus: Can this equity bull market last?

Can this current equity bull market last? In this latest edition of Chart in Focus, we focus on the indicators of whether it may come to an end or keep running.

Multiple authors

event

3 min

Article

2025-11-30

Liability-driven investing Strategic allocation Regulatory DB Private Program Multi-asset Whitepaper

Setting ROAs for 2025: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? And how do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

Multiple authors

event

16 min

Whitepaper

2025-11-30

EMEA Video Fixed income

Weekly Market Update

What do you need to know about the markets this week? Tune in to Paul Skinner's weekly market update for the lowdown on where the markets are and what investors should keep their eye on this week.

Paul Skinner

event

4 min

Video

2025-11-30

Elections Fiscal policy Geopolitical Inflation Interest rates Macro WELLSaid Podcast Podcast

Trump 2.0: US election market impacts

In the wake of the US election, macro strategists Juhi Dhawan and Michael Medeiros join host Thomas Mucha to discuss the market, policy, and geopolitical implications of Trump 2.0.

Michael Medeiros, CFA

Juhi Dhawan, PhD

event

21 min

Podcast

2025-11-30

Asset allocation Multi-asset Risk management iStrat Strategic allocation iStrat program Whitepaper

Rebalancing a multi-asset portfolio: A guide to the choices and trade-offs

Many investors wrestle with portfolio rebalancing decisions, particularly in volatile environments. In this paper, members of our Investment Strategy Team argue for a well-structured rebalancing policy and share research on different approaches and common implementation considerations.

Jacqueline Yang, CFA

Nick Samouilhan, PhD, CFA, FRM

event

Whitepaper

2025-12-31

Liability-driven investing Portfolio construction Multi-asset iStrat Private pension (DB) Article Strategic allocation Multi-Asset solutions Alternatives

Mind the liquidity (and cost) gap: Revisiting a plan’s hedge-ratio approach

Amy Trainor, FSA

Jeremy Forster

event

Article

2025-06-30

monthly-market-snapshot-june-2017-1500x410

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — March 2023

A monthly update on equity, fixed income, currency, and commodity markets.

Brett Hinds

Greg Galajda

event

Whitepaper

2024-04-30

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — February 2023

A monthly update on equity, fixed income, currency, and commodity markets.

Brett Hinds

Greg Galajda

event

Whitepaper

2024-03-31

Carbon emissions Energy Utilities Global Industry Research Fundamental equity Whitepaper

Power move: Why electric utilities may be the key to the energy transition

As the world consumes more electricity from renewable energy sources, the global power grid will need to be modernized. While renewables like wind and solar have attracted much of the attention from investors looking to play the energy transition, electric networks utilities may offer more upside today.

Multiple authors

event

Whitepaper

2024-02-29

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Liability-driven investing

Our edge in ldi

Our foundational philosophy on constructing liability-hedging and return-seeking portfolios

Featured research and implementation ideas

How do we work with you?

1. Custom research and consultation

2. Investments for a broad range of objectives

3. LDI portfolio construction and reporting

Meet our ldi team

LDI team chair

LDI fixed income portfolio manager

Portfolio management resources

Actuarial & quant resources

LDI portfolio construction

Client & consultant views

Let's talk LDI

Explore insights

insights

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