David Felder


David represents Law Debenture on the trustee boards of a number of DB and DC schemes of varying sizes and complexity. He chairs several of these and several of their investment and audit committees.

Particular Expertise

  • Investment strategies – introduction of new LDI programmes; de-risking strategies centred around flight paths; diversification of return seeking assets to include hedge funds and specialist credit funds (leveraged loans, asset backed securities and high yield bonds); restructuring of equity exposure from securities to futures and total return swaps; use of equity and swap option strategies to change exposures
  • DC investment – restructuring of DC funds default strategies to include a wider range of assets in the growth phase and at the pre-retirement phase to reflect greater flexibility on how benefits are crystallised
  • Scheme restructuring – scheme mergers, buy-ins and buy-outs
  • Employer covenant – negotiating new support arrangements from scheme sponsors in response to significant changes in corporate structures, including contingent assets and parent company guarantees


David has over 30 years’ experience of working with pension funds in both the public and private sectors, first at Morgan Grenfell (now part Aberdeen Asset Management) as a fixed income fund manager and then at what was Kleinwort Benson where he was Head of Fixed Income between 1992 and 1998. Along with pension funds, clients included government organisations and insurance companies in the UK and internationally with a wide range of investment requirements. More recently David was Head of Investments in London for Daiwa SB Investments, a joint venture between two of Japan’s largest financial organisations, Daiwa Securities and Sumitomo Bank. 

David is a fellow of the Chartered Institute for Securities and Investment.