It is estimated that over $1 trillion dollars will be moving into or within the fixed income space globally.¹ As corporate pension funds de-risk their plans to reduce the volatility of pension liabilities on companies' financial statements. Money will come from equity and shorter-duration fixed income assets to long-duration fixed income.

Why this matters? Money moves all the time, but in this case, we believe that unless investor behavior changes, the process of de-risking these pension funds will cause these investors to unnecessarily lose billions in investment income. This paper examines why fixed income transition management makes sense regardless of the de-risking strategy.

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¹ Source: Basak, S., & Chiglinksy, K. (2017). "Pensions May Yank Up to $1 Trillion From Stocks to Trim Risk" Bloomberg. Retrieved from: and Mercer (2018) "European Asset Allocation Survey Report 2018" Retrieved from: