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Contributor Biographies

Steven Lowe

Client Portfolio Manager, JP Morgan, UK
Steven LoweSteven Lowe

Steven Lowe is client portfolio manager at JP Morgan and a partner at Pension Corporation Investments. Previously he was a senior credit portfolio manager with Legal and General Investment Management (LGIM), where he focused on structured solutions, derivatives, and investment-grade credit for pension fund clients. Before working at LGIM, he worked at Barclays Global Investors, State Street Global Advisors and Baring Asset Management. Lowe has 15 years of investment experience and was awarded the Chartered Financial Analyst designation in 1997.

Articles by this Author

  • Valuing Pension Fund Liabilities on the Balance Sheet
    by Steven Lowe
    With a pension plan, companies agree to provide certain benefits to their employees, by specifying either a defined contribution (where a fixed contribution is made to the plan each year by the employer, with no promises as to the future benefits that will be delivered by the plan) or a defined benefit (where the employer undertakes to pay a certain benefit to the employee at some point in the future). Under the latter, the employer has to put...
  • Issuing Corporate Debt
    by Steven Lowe
    The existence and determination of optimal capital structure is an ongoing topic of research in corporate finance. In a perfect market setting, with no frictions, Modigliani and Miller’s seminal research in 1958 suggested that the market value of a firm is independent of its capital structure. In other words, capital structure does not matter.Miller (1991) explained the intuition for this with a simple analogy: “Think of the firm as a gigantic...

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