In a memo sent on Wednesday morning, BlackRock told clients using its liability-driven investing strategies that it would freeze “funds more at risk of assets being exhausted” and move the assets to cash. One professional trustee said the actions left pension schemes potentially unable to take steps to protect their members.
“What we had seen, which was disconcerting for trustees, is that they can’t buy or sell,” said David Fogarty, a professional trustee with Dalriada, a trustee firm.
https://www.ft.com/content/0f32fdf3-8823-4a9c-ba70-d087860cfe6c