But as markets in the United Kingdom went haywire last week, hundreds of British pension fund managers found themselves at the center of a crisis that forced the Bank of England to step in to restore stability and avert a broader financial meltdown. All it took was one big shock. Following finance minister Kwasi Kwarteng’s announcement on Friday, Sept.
” This obscure corner of the market has grown rapidly in recent years, reaching a valuation of more £1 trillion , according to the Bank of England. When bond yields rise slowly over time, it’s not a problem for pensions deploying LDI strategies, and actually helps their finances. But if bond yields shoot up very quickly, it’s a recipe for trouble. According to the Bank of England, the move in bond yields before it intervened was “unprecedented.
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