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Sovereign Asset Management for a Post-Crisis World

Edited By Donghyun Park

Overview

The recent financial crisis has led to funds reviewing their long-term goals, organisational and operational frameworks, investment and risk management, and, perhaps most importantly, how they manage expectations of their stakeholders.


With contributions from sovereign wealth managers, Sovereign Asset Management addresses these issues from a practitioner perspective offering insights into how funds can and are responding with particular focus on the three main areas of governance, investment and risk management.


A Central Banking Publications Book

Publish date: 7 Jul 2011

Availability: In stock

£200.00
OR

Book description

The past two years have seen sovereign investors endure unheard of swings in the performance and valuation of their investments. Catastrophic losses have been followed by record gains as markets dived and then bounced back around the world. The consequences for sovereign wealth funds have been far-reaching.

Losses on high-profile investments became a matter for political and public debate, ushering in a new era of transparency. The plight of domestic economies led to declining contributions, direct calls on the funds and in some cases demands to invest domestically. More broadly, the crisis has led to funds reviewing their long-term goals, organisational and operational frameworks, investment and risk management, and, perhaps most importantly, how they manage expectations of their stakeholders.

Sovereign Asset Management for a Post-Crisis World features contributions from sovereign wealth managers from China Investment Corporation, Norges Bank Investment Management, Korea Investment Corporation, the Oman Investment Fund, CalPERS and the central bankers of Thailand, the Czech Republic and Colombia.

This book addresses the key issues from a practitioner perspective offering insights into how funds can respond and are responding.

Book details

ISBN
978-1-902182-71-1
Publish date
7 Jul 2011
Format
Paperback
Size
155mm x 235mm

Editor biography

Donghyun Park

Dr Donghyun Park is currently Principal Economist at the Economics and Research Department (ERD) of the Asian Development Bank (ADB), which he joined in April 2007. Prior to joining ADB, he was a tenured Associate Professor of Economics at Nanyang Technological University in Singapore. Dr Park has a Ph.D. in economics from UCLA, and his main research fields are international finance, international trade, and development economics. His research, which has been published extensively in journals and books, revolves around policy-oriented topics relevant for Asia’s long-term development, including the middle-income trap, Asia’s services sector development, and Asia’s sovereign wealth funds. Dr Park plays a leading role in the production of Asian Development Outlook, ADB’s flagship annual publication.

Table of contents

Executive Summary

Donghyun Park, Asian Development Bank

GOVERNANCE

1. How did the global crisis change the sovereign investment environment?

Donghyun Park, Asian Development Bank

2. Transparency and communication: changed relations with stakeholders

Mukul Asher, National University of Singapore

3. The growing trend of cooperation among sovereign wealth funds

Scott E. Kalb, Korea Investment Corporation

4. The Santiago Principles: A voluntary code for sovereign wealth funds

Sven Behrendt, Geoeconomica

5. SWFs and the rise of emerging market economies

Nasser Saidi, Dubai International Financial Centre and Fabio Scacciavillani, Oman Investment Fund

6. Design principles for good governance in sovereign investment

Donghyun Park, Asian Development Bank

INVESTMENT

7. Relative numéraire risk and the currency allocation of sovereign portfolios

Poomjai Nacaskul, Bank of Thailand

8. Strategic asset allocation in the post-crisis world

Sheng Li, China Investment Corporation

9. An investible currency index: capturing beta in the currency market

Amos Bruce and Ivan Petej, Principal Global Investors

10. Active and passive approaches to investment from a sovereign perspective

Marco Ruiz, Banco de la República, Colombia

11. Venturing into equities: the experience of the Czech National Bank

Jan Schmidt, Karel Bauer, Daniel Krejcí, Czech National Bank

12. Investment decision-making: time for a rethink?

Guan Seng Khoo, Financial Ecologist/Consultant

RISK MANAGEMENT

13. From complexity to simplicity

Interview with Dag Dyrdal, Norges Bank Investment Management

14. Setting up a sovereign fund: the experience of Mauritius

Streevarsen Narrainen, Ministry of Finance, Mauritius

15. Portfolio Construction and Risk Management under Non-Normality

Ho Ho, CalPERS

16. The international monetary system: a post-crisis review and modest proposal for reform

Richard N. Cooper, Harvard University

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