From reserves to sovereign wealth management

Central banks are taking more risks. This is the key finding from the latest survey of reserve managers carried out by Central Banking Publications¹. Why central banks are taking more risks, what form this takes and whether the risk management and governance systems they have put in place to mitigate those risks are all important questions for central banks and the international "system" in which they operate.

But beyond such issues, the underlying question is whether the mandate and objectives