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The Actuary The magazine of the Institute & Faculty of Actuaries

UBS appoints Barnett Waddingham for longevity swaps task

UBS has appointed Barnett Waddingham to provide administration and actuarial oversight services for its longevity swaps dealings.

The investment bank is looking to extend its offering to the growing market for longevity swaps, helping large pension schemes hedge the risks of paying out for longer to ageing memberships.

UBS announced its move into longevity swaps in early 2010, with the appointment of a pensions team who became part of the UBS fixed income, currencies & commodities, EMEA insurance & pensions industry group.

Barnett Waddingham partner, Paul Jayson, said: "Longevity swap transactions are set to grow, and it is gratifying that UBS has recognised Barnett Waddingham's expertise and dedicated resourcing in this area and appointed us to partner them in designing a service suitable for individual cases.

"We look forward to working with them in an area that is becoming more popular as buy-out capacities become more expensive and organisations look for an alternative way to manage risk."