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BNY Mellon’s Hanneke Smits: Things need to get ‘way worse’ before another LDI crisis

Having doubled cash buffers, 'things need to get way worse than they did in September' for a repeat of the LDI crisis, Smits tells FN

By David Ricketts
Smits describes last year's meltdown in gilt markets as 'an incredibly stressful time'
Smits describes last year's meltdown in gilt markets as 'an incredibly stressful time' Photo: Paul Yeung/Getty Images

When Hanneke Smits became BNY Mellon Investment Management's chief executive in October 2020, the world was still in the grip of the Covid pandemic.

Taking on the top job at one of the world’s largest asset managers during a global lockdown is no mean feat.

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