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How
central banks and government entities manage nationally-owned financial
assets
Until
recently, nationally-owned assets have been managed conservatively
by central banks, ministries of finance and, less frequently, by
government investment offices. There are signs that this is now
changing.
First, the huge increase in official global external reserves means
that many central banks and governments now control assets vastly
larger than are needed for intervention purposes. This is forcing
a rethink of the rationale for reserve management with a greater
focus on return.
Second, privatisation, soaring commodity prices and new exploration
have vastly increased revenues from the sale of national assets.
More countries are interested in placing these revenues into a portfolio
of financial assets to generate a permanent source of foreign currency
income, ensure inter-generational equity and to defray future pension
liabilities.
Third, the build-up in foreign currency reserves and access to international
markets has allowed countries more flexibility in managing both
sides of the national balance sheet to better control market risks,
liquidity and borrowing costs.
Sovereign Wealth Management is the first book-length volume of its
kind to explore these developments and consider best-practice on
how to establish funds to handle competing demands for spending,
saving and investment.
The global total under management is already estimated at over $2
trillion and set to grow. This is in addition to the $5 trillion
managed by the central bankers.
This groundbreaking book presents a variety of views as to how such
assets should be invested.
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| Dream
team
Sovereign
Wealth Management presents the accumulated wisdom of a “dream
team” of experts to help official asset managers, their bankers
and advisers navigate the difficult choices they face in managing
sovereign wealth.
This team includes leading financial statesmen such as Larry Summers,
Mohamed El-Erian and Guillermo Ortiz as well as highly experienced
official reserve managers such as Philipp Hildebrand, Knut N. Kjær
and Linah Mohohlo and technical experts in asset allocation and
risk management. The team is led by the book’s editor, Jennifer
Johnson-Calari of the World Bank Treasury
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| Impact
on markets
The
impact on international capital and money markets is already far-reaching.
Sovereign Wealth Management is essential reading for investment
and commercial bankers, asset managers, and all advisers in international
financial institutions – everybody in the global capital markets
will be affected by the behaviour of these new agencies and the
massive funds they control.
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Key
sections
Key sections focus on:
- Overview
reporting the current state of play internationally
- The
major policy and operational issues facing sovereign wealth managers
and their advisers
- Authoritative
and detailed case studies on the experiences of the leading well-established
funds
- The
lessons to be drawn from case studies
- The
role of asset/liability management
- New
trends in asset allocation and risk management - technical discussions
by experts
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Testimony
From the Introduction by Peter Fisher, former
head of market operations and reserve management at the New York Fed:
“It is no longer just the G-7 countries who must wonder what
to do with their accumulated reserves. Foreign exchange regimes, current
account surpluses and accumulated savings around the world compel
central bankers and government officials to confront the same questions
- but with respect to hundreds of billions of dollars, euros, and
yen.”
“The world may not always enjoy the recent benign combination
of low inflation, synchronized global growth and rising savings, but
while we do, wisely investing accumulated official reserves is a very
real challenge for many governments.”
“This volume presents the accumulated wisdom of a dream team
of advisors to help navigate the difficult choices official institutions
face in managing their sovereign wealth.” |
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Contents
The changing role of sovereign wealth managers
Malan Rietveld, Central Banking Publications
Asset-liability management in emerging economies
Mohamed El-Erian, President, Harvard Management Company
Managing commodity revenues and windfall profits: investment income
funds
Jennifer Johnson-Calari, The World Bank Treasury
A coordinated strategy for assets and liabilities: the Mexican experience
Guillermo Ortiz, Governor, Bank of Mexico
Five tough questions in national asset management
Philipp Hildebrand, Member Of The Governing Board, National Bank
of Switzerland
Opportunities in an era of large and growing official wealth
Larry Summers, former US Secretary of the Treasury
Managing sovereign assets and liabilities: the role of debt management
offices
Mike Williams, former Managing Director, UK Debt Management Office
An alternative Sharpe ration for sovereign wealth funds
Bernard Lee, BlackRock Inc.
A new framework for risk and sovereign wealth management
Dale Gray, Senior Risk Advisor, IMF
Asset allocation and risk management for sovereign wealth funds
Fred Weinberger and Bennett Golub, BlackRock Inc.
Norway’s Government Petroleum Fund
Knut N. Kjær, Executive Director, Norges Bank Investment
Management
Traditional reserves and managing commodity revenues: The case of
Botswana
Linah Mohohlo, Governor, Bank of Botswana
A word to the wise: managing Alaska’s oil wealth
Steve Cowper, former Governor of Alaska
Combating the mineral curse: the case of Wyoming
Cynthia Lummis, State Treasurer, Wyoming
Kazakhstan’s National Oil Fund
Medet Sartbayev, Deputy Governor, National Bank of Kazakhstan
KIC and the Bank of Korea relations
Changyong Rhee, Professor Of Economics, Seoul National University
Reserve management in the Eurosystem: from liquidity to return
Age Bakker and Ingmar van Herpt, The Netherlands Bank |
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Sovereign Wealth Management is sponsored by
For more information regarding BlackRock's work with and for central
banks click here
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278
(+ P&P)