NISA Investment Advisors Winner

As liability-driven investing has evolved, NISA Investment Advisors has scaled its operations and adapted to the changing market dynamics, enabling the firm to serve a range of clients with solutions at different points in a client’s glide path—from a client initiating its first LDI allocation to one seeking to immunize the pension fund’s increased funded status or one contemplating a pension risk transfer.

NISA positions the firm as an extension of clients’ internal staffs and strives to customize product offerings to meet investment objectives. These efforts resulted in physical assets under management of $288 billion as of December 31, 2023.

In the 18 months through June 30, 2023, NISA developed LDI hedging programs that included credit and Treasury strategies—including intermediate credit—to more closely align exposures across the yield curve; develop customized completion portfolios to match the interest rate sensitivity of the assets to the profile of the liability and mitigate potential changes in funded status; and build dynamic hedging programs to better reflect client tactical views and trigger levels.

The firm’s PSRX Index provides the industry a forward-looking estimate of the funded status volatility of U.S. corporate defined benefit pension plans.

*Assets under management less than $1 trillion

Finalists

• Agilis
• LGIM America
• Principal Asset Management
• SLC Management