Colombia culls external reserve manager to boost competition

The Central Bank of Colombia has cut the number of external asset managers handling its international reserves portfolio in a bid to foster greater returns.

In December 2018, the institution worked with six asset managers, down from seven in December 2016, says the central bank’s twice-yearly report on international reserves management published on January 17. It cut one asset manager whose performance the central bank deemed weaker than the rest. 

The cut did not entail a meaningful reduction