Philippe-N. has held various management positions in the investment, debt structuring, capital markets, and Pension Fund sectors in France, the UK and the US. As an expert in Debt Structuring Solutions, he was the Head of Group Financing and Subsidiaries for Lafarge Group. He created and successfully managed the Debt Structuring Department for CM-CIC Group. He served as a Chief Investment Officer at Veolia Environnement UK Pension Fund where he oversaw the complete restructuring of the Asset-Liability structure.

In addition, he implemented and managed an optimal investment strategy. He was also an investment portfolio manager in cash, bonds, interest rates and derivatives products. Philippe-N. is currently Managing Director in the Capital Markets Department at a major bank. He is a PhD student in Finance. Philippe-N. is an INSEAD Alumnus and holds a Masters Degree in Corporate Finance from Conservatoire National des Arts et Métiers (CNAM) and a Masters Degree in Capital Markets from E.S.L.S.C.A Business School.

• Preface


• 1: Introduction to Defined Benefits Pension Scheme


• 2: Understanding Asset and Liability Management (ALM)


• 3: Understanding Liabilities


• 4: Understanding Liability Driven Investment (LDI)


• 5: Investment Policy: Understanding Asset Allocation Construction


• 6: ALM Risk and Performance Monitoring


• Appendix 1: Understanding Financial Instruments


• Appendix II: Introduction to Statistics


• Appendix III: Growth Asset Portfolio Construction Principles


• Appendix IV: Buy-in, Buyout, Longevity Risk Management