How an accounting tweak and a radical actuarial theory created a trillion pound asset class

A brief history of LDI

Dan Mikulskis is a lead investment adviser and partner at LCP, an independent pensions consultant.
There’s been no shortage of discussion in recent days about the what, how and who of liability driven investing. Less examined in the wake of a UK market crisis has been the why and when. Yet both are needed to put LDI in a long-term context, and to understand how we got to now.
Here’s the story.
This story originally appeared on: Financial Times - Author:Tax Cognition