
Comprehensive Asset Liability Management - CALM
This edition explores the main elements of the CALM approach in the context of the special challenges faced by healthcare systems.
This edition explores the main elements of the CALM approach in the context of the special challenges faced by healthcare systems.
Liability-driven investing is a radical departure from conventional asset-maximizing strategies.
For many years, institutional investors—i.e., pension plans, endowments, and foundations—have followed investment policies based on a conventional 60/40 blend of equity and fixed income securities.
Freezing a pension plan forces fiduciaries to change their habits, posing new management challenges in the areas of investment policy, oversight practices, and staffing.
The theoretical promise of LDI must be matched by excellence in implementation
In a complex healthcare institution with multiple investment pools, balancing investment and operational risks in a coordinated way is paramount.
Fiduciaries have several means of implementing portable alpha strategies; a framework for thinking about each approach’s pros and cons can be useful.