Sovereign investors have assumed an increasingly influential position in international financial markets. In times of unprecedented upheaval in Western financial markets, sovereign wealth funds and other official investors from emerging markets have emerged as potential stabilising forces.

New Perspectives on Sovereign Asset Management is a unique guide to the policy questions surrounding the emergence of sovereign investors. It presents the perspectives of seasoned policymakers and experienced official investors and covers the following four key areas:

- The role of sovereign investors in 21st century financial markets

- The regulatory approach to sovereign investment

- The internal challenges of sovereign investors

- The future of sovereign investing

This indispensable title is aimed primarily at senior policymakers in charge of high-level investment policy, relationships with stakeholders, risk management and legal aspects of sovereign wealth funds, public pension funds, central banks and ministries of finance.

About Central Banking Publications
Central Banking Publications, a part of Incisive Media, specialises in reporting on central banks, financial regulation, payments systems, and public-sector asset and debt management. We publish a range of quarterly journals, special reports and books – including the groundbreaking Sovereign Wealth Management (March 2007). We also organised a two annual seminar series, targeted at the global sector, and a number of public conferences.
www.centralbanking.co.uk

Foreword
Jennifer Johnson-Calari
Director, Sovereign Investment Partnership, World Bank Treasury

Three things we have learned about sovereign investors
Malan Rietveld
Central Banking Publications

Sovereign wealth funds and global imbalances
John Gieve
Deputy Governor, Bank of England

Sovereign wealth funds: implications for policy
Jagdish Bhagwati
Professor of Economics, Columbia University

Sovereign wealth funds and the United States Congress
Martin Weiss
Analyst, Congressional Research Service

A common European Union approach to sovereign wealth funds
John Berrigan, Moreno Bertoldi and Chris Bosma
Directorate General for Economic and Financial Affairs European Commission

Interview
Jim Moran
Chairman, Task Force on Sovereign Wealth Funds, United States Congress

Establishing a sovereign wealth fund: some policy and operational considerations
Udaibir S. Das, Yinqiu Lu, Christian Mulder and Amadou Sy
International Monetary Fund

Establishing professionalism and transparency: the case of Azerbaijan
Shahmar Movsumov
Executive Director, State Oil Fund of Azerbaijan

Selecting and managing external fund managers
Linah K. Mohohlo
Head, Pula Fund and Governor, Bank of Botswana

The changing framework for sovereign wealth management in Russia
Roman S. Shiyko
Head of Fund Management, Ministry of Finance, Russian Federation

China’s sovereign wealth fund: challenges and weaknesses
He Fan and Zhang Ming
Chinese Academy of Social Science

Proactive management of sovereign assets and liabilities: the case of Colombia and Peru
Ana Maria Carrasquilla and Carlos Giraldo
Fondo Latinoamericano de Reservas (FLAR)

Managing foreign-exchange risk in sovereign portfolios: the case for equities
Roberto de Beaufort, Arjan Berkelaar and Gabriel Petre
World Bank Treasury

New tools for evaluating the activeness of sovereign equity portfolios
Mustafa Sagun and Scott P. Leiberton
Principal Investors Group

Sovereign funds: the Chilean experience
Eric Parrado
International Finance Coordinator, Ministry of Finance, Republic of Chile

Sovereign development funds: financial actors in the shifting wealth of nations
Javier Santiso
Director, OECD Development Centre

Is there a legal framework for sovereign investors?
Charles Proctor
Partner, Bird and Bird

Reconsidering risk in the wake of the financial market crisis: lessons and challenges
Thomas J. Jordan
Member of the Governing Board, Swiss National Bank

Two suggestions on the role of sovereign investors in the global economy
Cynthia M. Lummis
Former State Treasurer of Wyoming

Malan Rietveld is assistant editor of Central Banking quarterly journal and writes on monetary policy, reserve and sovereign wealth management, politics and economics. He is co-editor (with Jennifer Johnson-Calari) of Sovereign Wealth Management, published by Central Banking Publications in 2007. He holds masters degrees in economics and economic history from the University of Leuven and the London School of Economics respectively.