SWFs and Central Banks

SWFs and Central Banks - Articles & White Papers

Institutional research and articles covering issues of interest to the sovereign wealth fund (SWF) and central bank communities. The most viewed research on SWFs includes white papers on models for managing sovereign wealth and the role of SWFs in financial markets. Also popular are reports on sovereign-asset liability management and long-term investing. Other popular papers include those on the rise of Asian Sovereign Wealth Funds, such as Temasek, and the entry of resource-rich economies and other emerging sovereign wealth funds. All SWFs receive a ranking from the Sovereign Wealth Fund Institute, and this has been a popular link from the site, providing details of the size of sovereign funds by AUM, the source of SWF funds and a ranking of the transparency of the fund. Other papers focus specifically on individual SWFs, such as the Norwegian Government Pension Fund, the Abu Dhabi Investment Authority (ADIA), China Investment Corporation (CIC) or the Australian Future Fund. The contentious issue of SWF regulation is examined in this section, along with surveys which reveal how SWFs allocate to specific asset classes such as hedge funds, private equity or real estate.
  • bfinance

    Global Investment Management Fees: New Savings, New Challenges (bfinance, 2017)

    New bfinance data reveals falling fees in several sectors, especially where providers have been under pressure from cheaper competitors or the investment landscape has evolved. Meanwhile, many asset managers have seized the opportunity to launch fashionable products at a premium to their conventional equivalents, with certain breeds of unconstrained, multi-asset or advisory ...

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  • Willis Towers Watson

    Future Fund and Willis Towers Watson 2017 Asset Owner Study

    This study was commissioned by Future Fund, the Australian SWF. It aims compare best practices across leading asset owner funds with reference to benchmarks. The authors aim to reveal opportunities for idea sharing, development, and challenge between these funds. Eight specific focus areas emerge from the study: Culture, Diversity and EVP; Effective Decision Making; Long-Horizon ...

  • Invesco (Europe)

    Invesco Global Sovereign Asset Management Study 2017

    Over the course of the last five years, sovereign investors have faced a challenging investment environment; more recently this has been driven by geo-political shocks in the developed markets, volatility in currency rates and various macro challenges within emerging markets. It’s within this environment that we have sought to provide unique insights into the investment ...

  • Norges Bank - Government Pension Fund

    Responsible Investment Report (Norges Bank IM, 2016)

    This detailed paper provides insights into how NBIM operates in the area of responsible investing. It explains the purposes behind NBIM's responsible investing philosophy and the main pillars of its process. The paper covers the standards set, the research undertaken, and the approach taken to company engagement and voting. Finally, it describes NBIM's ...

  • IPE - Investment and Pensions Europe

    Top 1000 European Pension Funds (IPE, Sept 2017)

    IPE's annual study of the top 1000 pension funds records a retirement pool totaling over €7 trn - an increase of 4% from last year. The three large occupational pensions markets – the Netherlands, Switzerland and the UK – account for about half of the assets between them

    IPE's ranking of retirement assets includes a sizeable pool of first-pillar ...

  • Cambridge Associates

    Risks and Opportunities From Climate Change: Playbook for the Truly Long-Term Investor (Cambridge Assoc, 2015)

    How should fiduciaries, pension funds and managers of globally diversified funds approach the subject of climate risk? How should this question impact upon portfolio management? Climate risk is multi-layered and there are many issues for the truly long-term investor to consider. Some of these are defensive (how to preserve value) and others are offensive (what opportunities does ...

  • Sovereign investor models: Institutions and policies for managing sovereign wealth (2015)

    This study explores different models for creating policies for managing sovereign wealth. It includes insights from leading academics, industry experts and former policymakers. The report is a collaborative effort between the Center for International Development and the Belfer Center for Science and International Affairs.

  • Federal Reserve Bank of San Francisco

    The Rise of Asian Sovereign Wealth Funds (FRBSF, 2015)

    Asian Sovereign Wealth Funds have increased in number and size over the past 10 years, spurred by the rapid economic development of the region. These funds, which often make high-profile foreign investments, have become large, active global financial market participants. Because of their close connections to governments, investments made by these sovereign wealth funds often ...

  • Long Term Investing: What Determines Investment Horizon?

    This paper, a collaboration with Australia's Future Fund, reviews the literature on the topic of the investment horizon, in order to improve how institutional investors' understanding of potential influences on long-term investing. Twelve interconnected influences relating to investing environment design, key decision-maker choices, and investor circumstances are discussed. ...

  • State Street Global Advisors

    The Quest For Performance (2013)

    The purpose of this paper, which is based on a study of institutional investment patterns, is to shed light on how investors cope with the challenges of strategic asset allocation and portfolio construction amidst low returns.

  • Hunting Unicorns: Sovereign Wealth Fund Annual Report 2016 (IFSWF)

    2016 was not been a business-as-usual year for Sovereign Wealth Funds (SWFs). They reacted to low commodities prices and heightened political uncertainty by reducing their investments to a ten-year low and by abruptly switching from safe assets to risky, mainly IT investments, following the footsteps of venture capitalists. The 21 SWFs monitored by the Sovereign Investment Lab ...

  • State Street Global Advisors

    How Do Central Banks Invest? (SSGA, 2017)

    This paper aims to illustrate and forecast the gradual shifts in investment strategies of reserve managers coping with the low yield environment. We identify two clear trends: 1) increased exposure to active fixed income in contrast to other parts of the investment universe turning to passive vehicles; 2) cautious embrace of equities as a new reserve asset class.

  • The current and future role of sovereign wealth funds in financial markets (2015)

    State-owned vehicles managing financial instrument portfolios denominated in part in foreign currency are called Sovereign Wealth Funds (SWFs). SWFs derive wealth from balance of payments, commodity revenues, or fiscal surpluses. By the end of 2013, there were 69 SWFs in the world, managing assets valued at US$6.3 trillion, from US$500 billion in 1995. In the last 10 years, there ...

  • State Street Global Advisors

    New Horizons for Official Institutions

    Official institutions such as central banks, public pension reserve funds, and sovereign wealth funds must be more adaptable than ever in this complex investment environment, where the regulatory framework and the market outlook change rapidly. The drive for higher returns is common among all three institutional investor types, along with the desire to safeguard and manage funds in ...

  • Sovereign wealth funds and the case for gold (World Gold Council, 2017)

    Over the last decade, however, gold has risen to new prominence for sovereign investors as a portfolio asset, rather than a currency. In this brief paper, Jennifer Johnson-Calari (JJC Advisory) and Adam Kobor (New York University) explain why gold has an increasing role to play in central bank and SWF portfolios.

  • Co-investments of sovereign wealth funds in private equity (2016)

    Direct investments are the preferred vehicle for large institutional investors to have control over their portfolio investments. We study the deal structure of direct investments by sovereign wealth funds (SWFs) in private equity transactions. We find that SWFs shift from investing in private equity funds to originating and co-investing together with private equity funds in deals. ...

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