External managers hired to set up new asset classes and train staff

Central banks also look to external managers to boost returns and access market intelligence

Reserve managers outsource functions for a variety of reasons, especially the development of investments in new asset classes and staff training, the Reserve Benchmarks 2023 find.

The adoption of new asset classes and staff training are the two main goals, both reported by 39 (83%) of 47 central banks as reasons for their work with external asset managers. In the 2022 benchmark, respondents selected both objectives at the slightly lower rate of 76.5%.

The least-reported reasons respondents

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