Rik Klerkx

CIO LDI & Private Markets, Cardano

A look at the recent UK LDI crisis

Rik Klerkx

In his presentation Rik will look at the recently rising interest rates. A Minsky cycle states that a long period of stability can introduce endogenous instability. With interest rates being very low for many years and then rising since the war in Ukraine we can see evidence of this instability, e.g. in the US regional banks but also in UK LDI-portfolios. In the presentation he will recap what has happened in the fall of 2022 in UK interest rates and why it happened. Moreover he will touch on the risk of spill-over to The Netherlands, and signs of instability in the Dutch pension sector.

Rik joined Cardano in 2015 to help build Cardano’s portfolio management team. As CIO LDI & Private Markets he is currently responsible for the development and implementation of investment strategies for institutional clients and manages ca. EUR 15bln of assets, mainly in fixed income and derivatives. He started his career in 2005 at J. P. Morgan’s Fixed Income division in London where he left as Vice President. Before Cardano he was also a portfolio manager of the reserve assets at the Dutch central bank and worked at Nationale Nederlanden Group’s treasury. Rik holds a Master’s degree in Quantitative Finance from Erasmus University Rotterdam and is a CFA charter holder.