Frank Redington
Frank Mitchell Redington (10 May 1906 – 23 May 1984) was a noted United Kingdom, British actuary. Frank Redington was best known for his development of Immunization (finance), Immunisation Theory which specifies how a fixed income portfolio can be "immunised" against changing interest rates. Redington's work indirectly led to the development of Liability Driven Investment (LDI) techniques for corporate pension funds. Interest rate SWAPS and bond investment when combined with the use of inflation protection measures (e.g. Index Linked Gilts, SWAPS and similar derivative contracts), can help protect pension funds from funding volatility. This was first adopted by a major pension fund in the UK in 1999/2000 when Boots the Chemists moved to virtually a 100% Government and corporate bond investment strategy, partly advised by its Corporate Finance Director, John Ralfe. This proved extremely well timed given the stock market crash of 2001 and up to a third of large pension schemes hav ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many List of islands of the United Kingdom, smaller islands within the British Isles. Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between ...
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