Pension funds may sue managers ‘for making hedging a liability’

Finger of blame for LDI crisis is also being pointed at fiduciaries and even the schemes themselves

It’s said that while success has many fathers, failure is always an orphan. But when it comes to the failures that followed the UK’s “mini-budget”, a search is on to establish paternity.

Last September, plans by the then prime minister Liz Truss to borrow huge sums to fund tax cuts triggered a rapid rise in the yields on UK government bonds, or gilts. This led to significant losses for pension