NISA News

Bloomberg recently featured Rick Ratkowski, Managing Director of Investment Strategies at NISA, in a piece examining a major shift in the corporate bond market. As company pension plans reach historic funding levels, the long-running de-risking trend that has driven demand for corporate bonds is beginning to slow. Rick offered his perspective on what this shift means for credit markets: “You’ll…

NISA Investment Advisors, LLC (“NISA”), an independent, employee-owned investment advisor, today announced the launch of its Quantitative Equity Extension Strategy—a systematic, alpha-seeking equity capability designed for institutional investors. The Teacher Retirement System of Texas (TRS) has committed as the initial investor in the strategy. The active extension strategy complements the Quantitative Equity Market Neutral strategy, which went live in November…

NISA’s Chief Economist Stephen Douglass joined Ira Jersey, Bloomberg Intelligence’s Chief U.S. Interest Rate Strategist, on the latest edition of FICC Focus’s Macro Matters podcast. Stephen shares his view that the U.S. economy remains broadly on a soft-landing path, though the war will delay further rate cuts by the Federal Reserve. The conversation covers a wide range of timely topics,…

NISA Investment Advisors is proud to celebrate CEO David Eichhorn, who recently received the Distinguished Alumni Award from Washington University in St. Louis. The honor carries special meaning for a firm established by former Washington University professors. Today as CEO, David Eichhorn has renewed the owner’s mindset at NISA—one of continuous learning, intellectual honesty and the belief that the best…

As Federal Reserve Chair Jerome Powell prepares for the final press conference of his tenure, bond markets are feeling the pressure of rising oil prices tied to the ongoing Iran war. Brent crude futures have climbed back above $109 a barrel, unsettling Treasury markets and keeping borrowing costs elevated. Stephen Douglass, Chief Economist at NISA, captured the market’s unease, noting…

A recent episode of The Insightful Investor with Alex Shahidi featured David Eichhorn’s perspective on navigating financial markets. Much of the discussion centered on ideas that have guided NISA from the beginning: leading with clients’ best interests, grounding decisions in rigorous research and advising honestly about where NISA’s expertise begins and ends. David emphasized the importance of long‑term partnerships, fee…

NISA CEO and Head of Investment Strategies, David Eichhorn, describes NISA’s “true alpha” approach to fixed income investing in a recent Fundfire interview. David explains that, unlike many managers who use “alpha” and “excess return” interchangeably, NISA takes a more purist approach: Seeking skill-based outperformance vs. beta, taking on more risk or “beta in disguise” Breadth as a core strategy,…

March’s inflation report came in close to expectations, but the details tell a more complex story for the Federal Reserve. Surging energy prices drove an increase in headline inflation, and core goods prices accelerated despite waning tariff effects. NISA’s Chief Economist, Stephen Douglass, noted that the Fed is firmly on hold as the Fed awaits clarity, adding that rate cuts…

CEO and Head of Investment Strategies, David Eichhorn, spoke with Pensions & Investments, sharing his views on some of today’s most pressing topics for institutional investors. David makes the case for why the “Sell America” narrative is overdone and offers his longstanding perspective on pension risk transfers. He also digs into the economics of leverage in private credit and NISA’s…

Barron’s recently examined the growing pressures facing private credit markets from rising financing costs and widening bond spreads to elevated redemptions across Business Development Companies (BDCs). With BDC bond yields climbing to an average of about 6.5% and public BDC share prices down 15% this year, the economics of leverage in private credit are shifting. Our CEO and Head of…

CEO and Head of Investment Strategies, David Eichhorn, interviewed with Fundfire to discuss the firm’s approach to cultivating relationships with asset owners and why NISA’s approach to engaging with potential clients doesn’t quite fit the industry’s model for “distribution.” Fundfire subscribers can watch the video or review the full transcript here.

Our Chief Economist, Stephen Douglass, was quoted in the Financial Times this week, offering his perspective on how the Federal Reserve may navigate the economic fallout from the ongoing conflict in the Middle East. With higher oil prices expected to contribute to a stagflationary environment, the Fed faces the difficult challenge of addressing both inflation and slowing economic growth simultaneously….

NISA’s Chief Economist Stephen Douglass was recently quoted in a Wall Street Journal article examining the growing divergence between two key inflation measures—the Consumer Price Index (CPI) and the Personal Consumption Expenditures index (PCE). The article explores why the two gauges are currently telling very different stories about inflation, and what that means for the Federal Reserve’s interest rate decisions…

NISA Chief Economist Stephen Douglass was recently quoted in a Barron’s article analyzing the Federal Reserve’s latest policy decision and Chair Jerome Powell’s assessment of the U.S. economy. At its January meeting, the Federal Open Market Committee held interest rates steady, signaling that monetary policy is close to neutral and that there is little urgency to resume rate cuts. As…

In P&I’s recent article looking ahead to 2026, CEO and Head of Investment Strategies David Eichhorn is quoted discussing the rising institutional investor interest in derivatives-based strategies to enhance risk‑reward profiles and a greater use of “portable alpha” approaches to realign with policy targets. Full article available to subscribers at P&I here. Assets under management, as reported in the article,…

The Wall Street Journal’s Dow Jones Market Talk featured Stephen Douglass’ opinion that the bond market serves as the ultimate safeguard of the Federal Reserve’s independence. Douglass said, “The bond market will be the ultimate protector of the Fed’s independence. Until you actually get that rejection by the bond market, people feel that they don’t need to trade it.”

A Chief Investment Officer article highlighting how tighter liquidity, evolving monetary policy and potential economic slowdown could shape credit market dynamics in the months ahead. Director of Investment Strategies Rick Ratkowski noted the biggest driver of fixed-income investment performance since the COVID-19 pandemic has been the sharp rise in interest rates. Looking forward, Rick also points to high yield as…

NISA’s Director of Investment Strategies David Murad was a collaborator in a piece with National Conference on Public Employee Retirement Systems (NCPERS). In the article, they explore the value of applying a holistic framework that aligns asset and liability considerations to strengthen the sustainability of public pensions plans. Read the article here.

David Eichhorn was recently featured on Bloomberg Intelligence’s FICC Focus Credit Crunch podcast series discussing a wide range of topics with Bloomberg Global Director of Research, FICC Strategy, Noel Hebert. They discussed the firm’s origins in St. Louis, its consultative approach driven by tailored benchmarks and its steadfast commitment to “true” alpha—excess return uncorrelated with simply taking on more beta…

NISA has been named a Best Asset Manager by Crisil Coalition Greenwich, part of Crisil Ltd., a company of S&P Global, for Institutional Investors in the United States. This is the twelfth consecutive year NISA has been recognized. David Eichhorn, CEO and head of investment strategies, shared “To be honored by Crisil Coalition Greenwich again is incredibly meaningful to us….

NISA’s Chief Economist Stephen Douglass was quoted in a Reuters article discussing the Federal Reserve’s latest moves in the T-bill market and dynamic behind its timing. Stephen shared his perspective on the market conditions that likely influenced the Fed’s decision – underscoring how repo market pressures persisted even after quantitative tightening formally ended earlier this month. Read the full article…

Aoiffinn Devitt hosted Stephen Douglass for an extensive conversation about the forces shaping today’s economy and markets on the Markets Happy Hour podcast. From inflation’s continued bite on Main Street to the Fed’s latest policy moves, private credit risks and the implications of AI enthusiasm, Devitt and Douglass covered the trends investors should be considering as we head into 2026….

Matt Grossman from the Wall Street Journal connected with NISA’s Chief Economist Stephen Douglass around his perspective on the latest jobs report and potential impact on the Fed’s upcoming rate decision. Stephen’s comments were featured in the Dow Jones’ Market Talk publication and summarized in the Wall Street Journal.

NISA is honored to be recognized once again by Pensions & Investments as one of the industry’s Best Places to Work in Money Management. This marks NISA’s sixth year on the list — a reflection of our people-first culture and unwavering commitment to clients. NISA CEO David Eichhorn noted, “It is the ongoing commitment of our workforce that truly sets…

As the government shutdown continues, NISA’s Chief Economist Stephen Douglass explains in a Financial Times article this week about how the lack of official economic data is complicating the Fed’s deliberations. Without updated jobs reports from the Bureau of Labor Statistics, leaders at the Federal Reserve and beyond are relying on alternative data sources. Second-tier data “is a fragile basis…

In a recent ThinkAdvisor article on building a “personal pension” with bond ladders, NISA’s Director of Investment Strategies Dan Scholz explains why traditional bond funds often fall short for income‑focused investors. These funds mimic the cashflow profile of market indices, which Dan notes may not align with specific payout needs making custom bond ladders a more precise way to match…

NISA today announced that it is incorporating a quantitative equity strategy into its suite of product solutions. The addition of the quantitative equity strategy represents a natural extension of NISA’s established investing platform, which currently manages client portfolios including investment-grade fixed income, derivative overlay and an existing $16+ billion direct indexing equity strategy. With this new capability and dedicated team,…

For the eleventh year in a row, NISA has been recognized as a Greenwich Quality Leader in the category of Overall U.S. Institutional Investment Management Service Quality, published December 11, 2024. The 2024 Greenwich Award, presented by Coalition Greenwich, recognizes the top asset managers who distinguish themselves from competitors by delivering superior levels of client service that help institutional investors…

For the fifth year, NISA has been named one of the Best Places to Work in Money Management by industry publication Pensions & Investments. P&I Editor-in-Chief, Julie Tatge, remarks, “As their employees attest, the companies named to this year’s Best Places to Work list demonstrate a commitment to building and maintaining a strong workplace culture. In doing so, they’re helping…

Listen to the Capital Allocators’ podcast with Ted Seides interviewing David Eichhorn, NISA CEO and Head of Investment Strategies. Listen on Apple, Spotify or wherever you get your podcasts.

NISA marked its 30-year anniversary in St. Louis with the opening of a new office location designed to support growth.

For the tenth straight year, NISA has been recognized as a Greenwich Quality Leader in the category of Overall U.S. Institutional Investment Management Service Quality.

In a recent P&I article, “Fitch credit downgrade isn’t worrying institutional investors; seen as political warning,” David Eichhorn, NISA CEO and head of investment strategies, is quoted saying: “The ratings downgrade itself is largely inconsequential, other than the reminder it serves that fiscal profligacy has consequences.” Read the article here.

In a recent Q&A with BCG Pension Risk Consultants | BCG Penbridge, NISA’s David Eichhorn, CEO and Head of Investment Strategies, shares key considerations in determining if hibernating a portfolio or executing a pension risk transfer is the better choice for plan sponsors and their participants.

NISA was recently recognized as a Greenwich Quality Leader for U.S. Institutional Investment Management Service for the ninth year in a row. The award recognizes asset managers that distinguish themselves from competitors by “delivering superior levels of client service that help institutional investors achieve their investment goals and objectives.” NISA Managing Director, Client Services, Cheryl Hanson comments, “This award is…

Assessment of Pension Risk Transfer (PRT) providers’ creditworthiness is critical, yet considerably more difficult given developments in the PRT market and the opaqueness and financial engineering often involved. To aid fiduciaries choosing an insurer as part of a PRT transaction, NISA developed an additional tool that uses spreads on insurer FABN issuance to estimate the composite view from market participants…

NISA Investment Advisors, LLC, an industry leading asset manager of customized strategies for world-leading organizations, has signed a license agreement with HFR, a global leader in indexing and analysis, enabling NISA to deliver an innovative risk parity investment solution. NISA’s proprietary approach will utilize HFR data to identify a centroid of risk parity exposures allowing NISA to design and implement…

Ranked by Pensions & Investments as the largest LDI manager in the U.S. for 2021,1 NISA offers their perspective on key structural differences between the U.S. and U.K. LDI markets. David Eichhorn, NISA CEO and Head of Investment Strategies, was recently a guest of Ira Jersey’s on Bloomberg Intelligence’s Macro Matters podcast about LDI. An excerpt from the Bloomberg podcast…

NISA’s thought leader paper, “The Disparity Among Risk Parity Managers,” has attained wide media recognition. In it, we found no solid evidence of alpha among risk parity managers, but did find what we believe to be a better benchmark and investment strategy. CIO Magazine Markets/Business Insider Associated Press

For the eighth straight year, NISA has been recognized as a 2021 Greenwich Quality Leader for U.S. Institutional Investment Management Service. Coalition Greenwich describes asset managers on the list as those that have “distinguished themselves from competitors by delivering superior levels of client service that help institutional investors achieve their investment goals and objectives.” This particular recognition means the most…

For the third consecutive year, NISA is honored to be ranked by the St. Louis Business Journal as the largest St. Louis-based financial asset manager. Please click here to view the complete list.

I am pleased to announce effective January 1, 2022, Stephen Douglass, Senior Economic Strategist, will join NISA’s Investment Committee. Stephen has frequently presented to the Investment Committee, and we welcome his insights and analysis as a voting member of the Committee. Jess Yawitz will relinquish his role on the Investment Committee on December 31, 2021 when he also steps down…

I think it is fair to say we have been very deliberate with respect to the transition of our senior team over the years, and we have taken great pride regarding its seamlessness and transparency. In addition to serving each member of our executive team’s professional goals, I believe this approach has served our clients and employees well. With that…

NISA is pleased to share a recent Q&A David Eichhorn, CEO and Head of Investment Strategies, had with the St. Louis Business Journal. Please click here to read the interview.

We are humbled to be recognized by the St. Louis Business Journal as the largest St. Louis-based financial asset manager. Please click here to view the complete list. Source: St. Louis Business Journal. Rankings were based on total value of client assets in 2019 as of December 31, 2019. The list was supplied by S&P Global market Intelligence. Article published…

We’re not usually in the business of patting ourselves on the back. That being said, we received the news this week that Greenwich Associates named NISA an overall Quality Leader in U.S. Institutional Investment Management Service, along with two other firms. This marks the third year in a row that NISA has been recognized in this way. This award seems…

Some things never age, apparently. We thought you might enjoy this P&I article from almost 30 years ago about the growing interest in fixed income investment strategies—and in particular about one of the young mavericks who left academia to apply his theories. You’ll see that much of the discussion from back then about interest rate volatility and liability hedging still…

Last week we received the good news that Greenwich Associates named NISA one of two Quality Leaders in the 2015 US Institutional Investment Management Service category. Over 1300 individuals at institutional investors participated in the survey evaluating their managers. This is the second year NISA received the award which was created in 2014. It is an honor to receive this…