Bulking up



One person's loss is supposed to be another's gain. That adage has served as a guiding light for investment banks over the past few years as they sought to translate huge pension deficits at UK corporates into higher derivatives sales. Asset-liability management teams led the way, with the aim of structuring derivatives-based solutions to ease the burden of pension schemes on company balance sheets. But despite houses ploughing resources into hiring and developing these teams, business has b

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