Liability-Driven Investing

We aim to help our clients meet the competing objectives of generating income while optimising capital efficiency.

Regulatory and accounting expertise and managing downside risk is in our company DNA and provide the foundations for our LDI approach. Drawing on our key capabilities, we provide tailored investment solutions and services for the unique investment challenges of our clients that can evolve as their needs progress.

Unlike most insurance asset managers who tend to have domestic country expertise, our knowledge of insurance regulation spans all European countries, providing a distinct edge in an area where subtle regulatory differences are common.

Our goal is to develop a tailored strategy for our clients that focuses on the behaviour of the total asset portfolio, fits their organization and delivers long-term value.

LDI fixed income, equity and asset allocation portfolios

Fixed income is at the centre of our investment approach. Our fixed income team’s macro and credit expertise is combined with deep regulatory knowledge, afforded as the internal asset manager for one of the largest asset owners in Europe. They are acutely aware of the implications of each security they buy, and whether it will pass global standards.

Alongside this, to enhance diversification, we have developed a targeted range of equity, multi-asset and quantitative strategies to provide the essential benefits of yield enhancement.

Our aim in equity investing is to generate positive, market-beating results over a cycle in order to create a buffer of unrealized gains to be used when necessary, together with a recurring stream of income that is in-line with or better than the market. Meanwhile, our asset allocation analysis and quantitative portfolio management services are available for clients interested in customized liability, cash flow-driven or risk-controlled solutions.

We also offer investors the opportunity to invest in private markets alongside Generali Group, one of the world’s largest  asset owners and a cornerstone investor for many of these strategies. With a proven track record in managing private market portfolios, our offer aims to help investors achieve their investment goals while, at the same time, contributing to the real economy.


Sebastiano Chiodino

Head of Liability-Driven Investing

Industry experience: 25 years

The Services we offer


This solution combines investment modules across markets, asset classes and risks, according to the unique needs of the client

The modular investment solution functions as building blocks, based on the risk profile and the investment objectives. The modules can address a broad investment spectrum, and can be combined in many ways and adapted over time.

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We provide quantitative asset allocation analysis to clients interested in customized liability-driven or cashflow-driven solutions, typical of insurance portfolios or pension funds with some expected inflow/outflows stream.

Rather than focusing on mark-to-market fluctuations of assets, LDI strategies hedge liability risk by matching changes in value with assets, while CDI strategies match future outflows using contractual income produced by the assets.

Specific KPIs/KRIs, as well as regulatory capital constraints, are embedded in the analysis.

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Strategic asset allocation: We work with our clients to define and analyse their needs along with market expectations to target an appropriate long-term risk-return profile. We perform asset allocation and portfolio construction based on optimization studies and efficient frontier analysis and is executed with dedicated proprietary tools.

Tactical asset allocation: Using in-house market analysis, we optimize ex-ante tactical asset allocation tilts to exploit risk-adjusted short-term expected returns for clients. We implement, monitor and continuously steer tactical asset allocation in model portfolios.

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Our services aim to improve trade efficiencies and reduce operational risks while maintaining execution quality across a wide range of financial instruments.

Our highly experienced trading desk have been in operation since 2008. They have strong expertise the European regulatory environment and sourcing liquidity throughout market cycles.

The team has a high quality of execution across a wide range of financial instruments and innovation in-line with the highest market standards and most developed peers. They continually monitor transaction costs with the aim of reducing execution impact consistent with market conditions.

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Source: Generali Asset Management S.p.A. Società di gestione del risparmio, as of Q4 2023.

How do our investment solutions come to life?

Drawing on our key capabilities, we provide tailored investment solutions and services for the unique investment challenges of our clients


Source: Generali Asset Management S.p.A. Società di gestione del risparmio as at January 2024.

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