Bermuda Short-Sellers

By Kerry Pechter

Short-sellers, including hedge funds, sense that the bespoke loans that asset managers have sold to life insurers could fail in the next financial crisis. They may not know it, but the shorts are responding in part to the growth of what RIJ calls the 'Bermuda Triangle' strategy.

Nashville, Honky Tonks, and Private Credit

By Kerry Pechter

In April, at a conference in Nashville, I mingled with the people who turn bundles of below-investment-grade loans into stock-like or bond-like assets. They perform the valuable service of underwriting loans for credit-hungry middle-market U.S. companies. But the bundlers have certain misconceptions about the individual annuity owners and 401(k) participants from whom they plan to obtain a steady flow of loan capital.

Bulletin Board

Knighthead, which has a Cayman Islands reinsurer, enters U.S. FIA market; Morningstar analyzes Trump’s universal plan coverage proposal; Transamerica's new RILA has an income feature; iCapital’s platform to add ‘Claude’; ShareBuilder 401k now has a Roth version for sole proprietors.

ChatGPT on ‘Dispersion’ and ‘Beta’ in Private Credit

By Kerry Pechter

I recently asked ChatGPT to help translate some of the private credit patois that I heard at recent conferences. People were talking about 'dispersion.' And they were saying, 'Private credit is not a beta trade any more.' Here's what ChatGPT told me.

Former American Equity CEO partners with Agam Capital

A new RIA formed by Anant Bhalla (right), the CEO of American Equity Investment Life from 2020 to 2024, is partnering with Agam Capital, a global asset manager that recently established a reinsurer in Bermuda. All the makings of a Bermuda Triangle deal-maker seem present.

Data Connection: Data Connection

Get the Whole Story. Subscribe Today
to Retirement Income Journal.
Now reaching 7,000 thought-leaders a week!