Boards responsible for benchmark approval at most central banks
Over half of lower-middle income respondents favour investment committee over other methods
Approval of reserve benchmarks is most commonly given by central bank boards, the Reserve Benchmarks 2023 find.
Central banks’ boards have the authority to approve reserves portfolio benchmarks at 56.9% (33) of the 58 institutions that answered the question. This is down slightly from the 59% figure in the 2022 benchmark, and from the 58% reported in 2021.
Across the whole sample, just over a third or 34.5% (20) of respondents obtain benchmark decisions from their investment committee
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Over 15% of reserve managers plan diversification changes
Close to 14% of participants will increase diversification, while 17.2% are discussing changes
Fewer central banks added new reserve assets in 2023
Overall, 10.3% of institutions diversified their asset allocation, down from 18.6% last year
Wallstreet and others rank highest for reserves technology services
Ion’s Wallstreet treasury system tops the 2023 rankings
Reserve managers rank JP Morgan top for custody and banking
BlackRock preferred for knowledge transfer and capacity building
Reserve managers vote BlackRock as overall best asset manager
Goldman Sachs and “other” asset management firms also score highly
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