BlackRock has been accused of failing to protect pension fund clients by threatening to halt trading in certain funds at the height of this week’s UK bond market tumult.
In a memo sent on Wednesday morning, BlackRock told clients using its liability-driven investing strategies that it would freeze “funds more at risk of assets being exhausted” and move the assets to cash.
One professional trustee said the actions, also applied by other LDI managers, left pension schemes potentially unable to take steps to protect their members.
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