How can reserve managers escape low yields – and stay true to their mandate?

Mario Torriani

In recent years there has been growing interest among reserve managers in increasing the expected returns on their portfolios. The rapid accumulation of reserves, especially in emerging market countries, has led to a greater range of assets under management and heightened the need to generate results. This dynamic has been set against a backdrop of accommodative policies at central banks which has brought nominal interest rates down close to zero or even into negative territory rates in some countries. This has added yet more incentive to search for alternatives that may increase expected

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