Key takeaways
- The 2024–2025 LDI episodes left a permanent mark on collateral-management practices for asset owners.
- Daily-stress testing is now standard, not advanced — and the bar for "stress" scenarios has been recalibrated.
- Operational resilience programs have moved from a regulatory-compliance line item to a board-level dashboard.
Operational resilience for institutional asset owners is no longer a compliance topic. The 2024 UK LDI episode and the 2025 Asia-Pac collateral squeeze made it a portfolio-construction topic.
What 2024–2025 taught us {#section-1}
The lesson from both episodes: liquidity stress propagates faster than the playbooks assumed. Collateral that was theoretically transferable in 24 hours took longer in practice, and the gap mattered.
The new daily-stress baseline {#section-2}
Asset owners that ran weekly stress tests now run them daily. The “1-in-100” stress scenario is calibrated against the actual 2024 distributions, not pre-2022 vintages.
Resilience as a dashboard metric {#section-3}
The CIO of a $200bn fund described the shift this way: “Resilience used to be a compliance report. Now it’s a number on the same page as performance and risk.”