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Andrew Formica, chief executive, Henderson Global Investors:

Liquidity could be severely stressed within the next six months. While fixed income markets have been buoyant, liquidity has moved in the opposite direction. Legislation has, unsurprisingly, reduced market-makers’ ability to warehouse risk and facilitate investor repositioning. Expect periodic market jumps to attract end-user demand rather than there being a smooth transition. This volatility will present both challenges and opportunities for active investors.

With the National Association of Pension Funds' annual conference underway in Manchester, FN seeks the views of some of the most senior figures in the UK pensions industry

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What is the likelihood of a fixed income liquidity crisis in the next six months?

Fareed Sahloul

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