November 28, 2023 (NO COMMENTS)
Risk Awards 2024: Nimble collateral management helped clients sail through UK gilts crisis unscathed
On September 24 last year, Philip Howard sat in Schroders’ London office watching coverage of Kwasi Kwarteng delivering the new UK government’s ‘mini-budget’. The announcement was anything but ‘mini’ – a sweeping array of unfunded tax cuts to the tune of £72 billion ($91 billion). Howard, who leads Schroders’ liability-driven investment (LDI) business, watched the chancellor’s announcements with concern – afraid that bond markets would react badly to the government’s plans and leave pension