Standish Mellon Asset Management Company, a BNY Mellon investment boutique specializing in fixed income, has named Max Guimond to the newly created position of solutions strategist for its Liability Driven Investing (LDI) group.
Guimond, who reports to Andrew Catalan, managing director and senior portfolio manager, is focusing on managing overlays, augmenting Standish’s strong cash bond capabilities. Guimond will oversee the implementation of completion strategies that utilize cash and derivatives to hedge the inherent risks in a defined benefit pension plan.
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LDI strategies have become an increasingly important tool for defined benefit pension plans seeking to reduce volatility in the funded status of their plans. Standish manages approximately $15.4 billion in LDI strategies.
"As plan sponsors continue their efforts to minimize the effects of market volatility on the funded status of their plans, they increasingly rely on hedging managers specializing in LDI for solutions that go beyond traditional fixed income investments," said Catalan.
"With Max joining our team, Standish increases the flexibility it can bring to managing risk across a wide array of asset classes."
Guimond said, "Successfully implementing LDI requires consideration of the total plan portfolio, including return-seeking assets such as equities. Standish utilizes tools that can provide an additional level of customization that goes beyond commonly used fixed income corporate-based or government-based benchmarks."
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By GlobalDataBased in Standish’s Boston headquarters, Guimond previously worked as a solutions strategist for Legal & General Investment Management America, where he structured LDI solutions.
He also managed LDI portfolios for the firm. Earlier in his career, he was a financial risk manager and derivatives trader for Milliman.
