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Sovereign Investment: Volatility, Diversity, Sustainability

Edited By Donghyun Park


Five years on, investors are still reeling from the effects of the financial crisis. With their unique approaches to asset allocation and specific long-term goals, sovereign investors are no exception. Key to their success is their ability to utilise the volatile environment to their advantage, diversify portfolios to match their risk appetite and ensure the sustainability of their fund for future generations.

With contributions from sovereign wealth managers, Sovereign Investment: Volatility, Diversity, Sustainability addresses these issues from a practitioner perspective offering insights into how funds can and are responding with particular focus on these three areas key to investment in a post-crisis environment: volatility, diversity and sustainability.

A Central Banking Publications book, published in association with Principal Global Investors

Publish date: 28 Oct 2013

Availability: In stock

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Book - Sovereign Investment: Volatility, Diversity, Sustainability

Book description

The five years since the start of the financial crisis began have been characterised by increased market volatility, heightened sovereign risk and active monetary, fiscal and regulatory policy agendas. Sovereign investors, as with other investors, have had to navigate this fast-changing environment. Yet they face particular challenges borne of their particular institutional and governance arrangements, and the expectations these create among markets and stakeholders.

As long-term investors they have to deal with heightened short-term market volatility and the portfolio and communication challenges this brings. Further, sovereign risk and record low yields challenge established markets for investment. These two effects, in a sector used to positive returns, have placed a premium on governance frameworks and institutional arrangements that ensure a balance between accountability and independence which matches a fund’s goals.

This book addresses these key issues from a practitioner’s perspective, offering insights into how sovereign investors are adapting and evolving.

Sovereign Investment: Volatility, Diversity, Sustainability features contributions from sovereign wealth managers from Kazakhstan Investment Corporation, New Zealand Superannuation Fund, Trinidad and Tobago Heritage and Stabilisation Fund, Ghana Petroleum Fund, Oman Investment Fund and Alberta Investment Management Corporation.

This book addresses the key issues from a practitioner perspective offering insights into how funds can effectively manage their sovereign wealth in a continuing volatile environment.

Book details

Book - 9781902182810 / eBook - 9781782721031
Publish date
28 Oct 2013
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

1 Introduction

Donghyun Park (Asian Development Bank)


2 The tipping point: How SWFs are taking risk in new ways and changing the game
Scott E. Kalb (Sovereign Investor Institute)

3 Strategic asset allocation: Preserving capital in a volatile investment environment
Javier Bonza, Viviana Monroy and Fernando Torres (Latin American Reserves Fund, FLAR)

4 Sovereign wealth funds: Between the New Normal and the Risky Abnormal
Nasser Saidi (Nasser Saidi & Associates) and Fabio Scacciavillani (Oman Investment Fund)

5 Strategic asset allocation at the Trinidad and Tobago Heritage and Stabilisation Fund
Avyann Ferguson and Jwala Rambarran (Trinidad and Tobago Heritage and Stabilisation Fund)

6 Sovereign investing in a volatile and uncertain world: Key lessons from established funds
Donghyun Park (Asian Development Bank)


7 Alpha dynamics and exploiting volatility anomaly with valuation discipline
Mustafa Sagun, Christopher Ibach, Scott Leiberton and Xiaoxi Li (Principal Global Investors)

8 Integrating alternative investments: Kazakhstan’s reserves, 2002–13
Yeszhan Birtanov (Kazakhstan Investment Corporation)

9 Implications for a resource-backed SWF in managing currency exposures
Guan Seng Khoo (Alberta Investment Management Corporation)

10 Fat tails in portfolio risk management: The case of the New Zealand Superannuation Fund
Aaron Drew (New Zealand Superannuation Fund) and William Kinlaw (State Street Associates)


11 Independence in the shadow of politics: The case of Australia’s Future Fund
Richard Eccleston and Timothy Woolley (University of Tasmania)

12 Ghana: Its newly found petroleum resource and sovereign wealth
Efraim Chalamish (New York University Law School) and Steve Opata (Bank of Ghana)

13 Santiago Principles and the case for self-regulation
Donghyun Park and Gemma B. Estrada (Asian Development Bank)

14 Sovereign wealth funds and long-term finance
Guillermo Ortiz (Grupo Financiero Banorte-Ixe)

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