Does Switzerland need an SWF?

A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets

Since the global financial crisis (GFC) of 2007–09, Switzerland has amassed a huge international reserves portfolio of just under $1.1 trillion – the world’s third-largest, behind China ($3.1 trillion) and Japan ($1.3 trillion). This has regularly triggered debates about whether Swiss authorities should seek to create a sovereign wealth fund (SWF) to manage the country’s excess reserves.

Proponents argue the Swiss National Bank (SNB) is not designed to maximise returns, which makes the country

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