LIABILITY DRIVEN INVESTING

Ryan Labs has been managing customized Liability Driven Investing (LDI) fixed income strategies with a track record for over 20 years. This experience in actual implementation is a unique factor in the value add of Ryan Labs. We manage fixed income portfolios against custom liability indexes in a separate account. Our systems and operations were built to deliver a turnkey solution to the client. All of Ryan Labs' employees are involved in implementing LDI strategies in terms of philosophy, strategy, credit, research, asset management and custom liability indexes.

In 1991, Ryan Labs became the first asset manager to create and manage a bond portfolio versus a daily Custom Liability Index. We have built and maintained proprietary systems that are integrated with asset management and index manufacturing. The integration of asset management and liability management allows portfolio managers to manage the beta and monitor risk (term structure, sector, duration, convexity, etc), as well as optimize return via the benchmark. As a repeatable process, our understanding and ability to deconstruct the index (liability or market indexes) and integrate this methodology as a risk process for asset management is a key driver in our success.

We have a very deep and broad experience in liability management, ranging from many different types of client objectives such as:

• Pension (Corporate ERISA, Public, Taft-Hartley, Utility)
• Other Post Employment Benefit (OPEB) Funds 
• Insurance/Risk Retention Pools
• Nuclear Decommissioning
• State Tuition Account Programs
• State Finance Authorities
• Enterprise Risk Management Strategies

 We have also invested in the creation and maintenance of custom liability indexes that value cash flows at various yields such as:

• Pension Protection Act (PPA) Corporate AA (IRS funding)

• PPA Investable

• FAS 158 Corporate AA (Accounting and investable version)

• Nominal Treasury (Economic)

• TIPS (Treasury Inflation Protected Securities)