LGIM Blog – Robert Pace, Senior Solutions Strategist

Disclaimer: Views in this blog do not promote, and are not directly connected to any L&G product or service. Views are from a range of L&G investment professionals, may be specific to an author’s particular investment region or desk, and do not necessarily reflect the views of L&G. For investment professionals only.

Robert Pace

Robert works with clients on LDI and broader solutions-based investment strategy. His three Rs are rates, regulation and arithmetic (showing a maths degree lives on forever). When Robert is not pondering LDI or investment strategy and talking to clients, he can often be found cycling in the Surrey Hills or watching hours of cycling coverage on Eurosport (at 30x speed in order to prolong his marriage).

Other articles by Robert Pace

DB treble

DB chart update: S&P500 in 2025. Treble 20?

With US equities delivering returns of over 20% in each of 2023 and 2024, how could DB schemes still seeking growth position portfolios this year?

chess pieces

Solutions outlook 2025: Time to think strategically

Buyout, run-on or both? We believe DB pension funds have much to be optimistic about as they choose their endgame destination. As long-term investors, schemes can take a strategic approach to surplus generation and asset allocation, while harnessing flexible solutions to manage their private and illiquid asset exposure as they prepare for a buyout transaction.

LDI yield

LDI chart update: What could rising yields mean for DB schemes?

Over the last few days, we have seen significant moves in gilt markets, accelerating the trend observed over the final quarter of 2024. Here’s our latest thinking on these market moves and the potential implications for DB schemes.

A bridge udner construction

Of surpluses and spreads

We think there’s much to be optimistic about for UK DB pension funds that can take their pick from buyout, run-on or both.

rates funding

Preserving funding levels as rates fall

With monetary easing cycles under way in developed economies and bonds once again providing potential insurance against equity risk, we believe that interest rate hedging could be key for DB schemes looking to maintain elevated funding levels.

CPI Basis

LDI chart update: I CPI

What's going on with the Consumer Prices Index (CPI) and how could it impact DB pension schemes?

Spread LDI

LDI chart update: Where next for credit spreads?

With little sign of tight spreads abating, a series of questions from investors remain: How long can spreads remain tight? When will spreads widen? Is now a good time to invest in credit?

value eye

LDI chart update: Value is in the eye of the bondholder

Although headline real yields trade around 1.5%, average forward real yields post-RPI reform (after 2030) are just under 2%, which is well above historical long-term cash returns of 0.9%.

low spread

Investing for the endgame at low spreads

As credit spreads have tightened, what could this mean for endgame investors’ investment strategies?

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