In this article from aiCIO Magazine's 2011 Liability-Driven Investing Issue, Mick Moloney comments on the academic and regulatory work that constitutes the basis for modern-day LDI http://www.ai-cio.com/channel/NEWSMAKERS/LDI_Founding_Document.html

"There was a long period where the mainstream view was that these pension obligations were all very long term, that short-term volatility didn’t matter and that, as a result, they shouldn’t have to suffer mark-to-market," says Mick Moloney, Mercer Investment Consulting’s long-standing resident Guru of LDI and one of the few individuals in the pension business with a horizon-view of this investment strategy’s history. "They all said ‘Let’s not talk of short-term discount rates, let’s have a fixed rate and think as long-term investors.’ I think that whole thing began to change in the mid-1990s, and, specifically, with that paper."

View full article: LDI's Founding Document. Published in aiCIO, November 15, 2011.