LGIM largest beneficiary of 25% increase in UK LDI mandates

first_imgLegal & General Investment Management (LGIM) was the largest single beneficiary of a 25% increase in liability-driven investment (LDI) mandates in the UK, a survey by KPMG has found.The consultancy’s annual assessment of LDI mandates of pension funds found LGIM, one of Europe’s largest institutional managers, according to 2016’s IPE Top 400 Asset Managers, was in charge of 414 hedging mandates at the end of 2015, an increase of 126 over the course of the year.Insight Investment, the manager with the second-largest number of mandates, reported 217 at the end of last year, followed by BMO Asset Management with 189 mandates.When measured in mandates, the three largest managers’ share of the market has remained largely static since 2012, when LGIM claimed 28.5% of mandates, Insight 17.4% and BMO 12%. Only LGIM’s market share markedly increased by the end of 2015, when it claimed 32% of nearly 1,290 mandates worth £741bn (€1trn), whereas Insight’s market share measured by mandates fell to 16.8% and BMO’s rose to 14.6%.“Despite the 25% increase in the number of mandates in 2015,” the survey notes, “the number of trigger strategies in place remained the same over the year, which indicates trigger strategies are falling out of favour with pension schemes setting up new LDI mandates or increasing their hedge.”Barry Jones, head of LDI at KPMG, said the results showed a shift away from trigger strategies.“The big change in LDI strategy over 2015 has been the move away from yield triggers as a mechanism for extending hedging programme,” he said.“It appears investors have given up waiting for interest rates to rise and have decided to just get on and do it.”Of the surveyed investment managers, only 12% said they expected rates to rise by more than 0.5% over the coming three years – less than half of the 26% of managers who expected such a rate rise at the end of 2014.last_img read more

12 years of Lakshya: The film many did not get

first_imgFarhan Akhtar made the single greatest mistake of his career with Dil Chahta Hai. Nothing spells doom for an artist like a spectacular debut, and he had captured everyone’s imagination with his first film. Many argued how Dil Chahta Hai had changed things for Bollywood, and was steering it clear off the Karan Johars and the Aditya Chopras – who were rehashing the same family dramas albeit with some sophistication.There were reports of his second film starring Hrithik Roshan as an army officer. And then the first trailer of Lakshya came, with both Hrithik Roshan and Preity Zinta sporting curious haircuts. The film released and shortly after, it flopped. There’s a certain amount of ignorance among the Indian audience which generally equates a film’s business with the overall quality of the film.Hrithik Roshan plays brat Karan Shergill.Many were on the fence saying it was definitely a good film, but was it as ‘great’ as his first film? Most of the second half was said to be snail-paced. The scenes of actual battle were quite dark and grim to comprehend. The film also showed subdued army officers who didn’t cry ‘Jo bole so nihaal’ or ‘Bharat mata ki jai’ each time they went to war. Quite different from the last hit Hindi film about the Indian army, Sunny Deol-starrer Border.Returning to screen-writing after an 18-year hiatus Javed Akhtar explained the reason why the film didn’t do well – “The film should have gotten over by the half-way mark.” However, director Farhan Akhtar stood by the film saying that it was exactly what he wanted to make and he was proud of it. When asked what he would change about Lakshya, He replied cheekily, “The audience, maybe?”advertisementPreity Zinta plays a journalist Romila Thapar, and Karan’s love interest.Since its release 12 years ago, Lakshya has developed into a cult of sorts. Many have watched and rewatched the movie on TV and found plenty to like about it. For example, it has arguably Hrithik Roshan’s best performance till date. Just watch that pre-climax scene where he points to his ‘goal’ with such anger, helplessness and focus at the same time.The film has some of the most beautifully-directed sequences in the bits featuring IMA, Dehradun, and the rock-climbing scene in the climax. In many ways, that sequence created history becoming the highest crane shot taken at 18000 ft. The amazing cinematography is courtesy German Director of Photography, Christopher Popp (a rarity in those days). Sadly, Shankar-Ehsaan-Loy’s soundtrack was criminally overlooked including gems like ‘Kitni baatein’ sung by Hariharan and Sadhana Sargam. The title track sung by Shankar Mahadevan himself gained popularity only later, like the film. The film chronicles the journey of a young man, to an army officer.The film accomplishes everything it sets out to achieve, chronicling the journey of a Delhi youngster from his college days as a drifter to him scaling a literal peak for the Indian army in Kargil. Maybe, we as the audience let the film down because it wasn’t fun and games like Dil Chahta Hai. Maybe, we weren’t open to the grim, realistic portrayal of war. Maybe, we missed out on a good film at the theatres. And maybe it is nobody’s fault after all. Maybe.last_img read more