Tag Archives: leverage

“The next European financial mess is unlikely to start with a bank”

Posted on June 5, 2023 by henry tapper

Thanks to Robert Armstrong of the FT for the quote and  to the ECB for providing this handy table, which serves as a sort of glossary of how things can go wrong: The thing that seems common to the stress … Continue reading →

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USS – you’ve never had it so good/bad – (delete as necessary)

Posted on February 14, 2023 by henry tapper

How USS sees itself and how others see it. I have just read an article that relates the views of Simon Pilcher on the success of USS’ investment strategy in the 12 months to September 2022. The Universities Superannuation Scheme, … Continue reading →

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Is leverage in private equity funds ok for pensions?

Posted on January 4, 2023 by henry tapper

  I’m troubled by a question we got from Stephen Timms at the WPC meet in November. Timms asked if we knew of any other areas in which the pension market could be facing liquidity risk. I was going to … Continue reading →

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“DB savings should be treasured as a national store of wealth!”

Posted on December 22, 2022 by henry tapper

You will not know “Jnamdoc”, it is the pseudonym of a regular contributor to this blog. He has taken to writing comments on my blog which are often more interesting than the blog itself. I’d like to draw your attention … Continue reading →

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Out from the eye of the storm

Posted on October 12, 2022 by henry tapper

Predictably, the PLSA called upon the Bank of England to provide ongoing support for the pension funds which had either directly or through pooled funds, geared up their bond exposure through “borrowing”. “Borrowing” is what the Bank of England thinks … Continue reading →

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LDI – open to legal challenge? Keating and Clacher ask awkward questions.

Posted on June 6, 2022 by henry tapper

  The authors of this blog are Iain Clacher & Con Keating The purpose of a UK defined benefit tax approved pension scheme trust will be set out expressly in the terms of the trust deed (or can be deduced … Continue reading →

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