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Completion Management

Our view is that the dynamic nature of LDI solutions requires that the asset structure evolves as the plan meets different milestones. 

While the benchmarks of multiple managers could be adjusted accordingly, we believe it is more effective to introduce a completion manager that will absorb all of the net required changes.  This can allow for higher operational efficiency while also allowing niche managers to continue managing against their benchmarks of choice.

Governance/Process

Measurement

Ultimately, success should always be measured against the liability returns themselves.  Plans should also use detailed attribution to help better understand sources of outperformance and underperformance.