Navigating national wealth management
IN the inaugural edition of the Global Public Investor in 2014, we defined ‘commonality of purpose and practice’ as one of the principles guiding performance and behaviour in this investor community. We argued that this applies across the dividing lines of the three institutional groups as well as within the categories themselves. Today, the interlinkages between the types of institutions making up the GPI community are even stronger. This chapter focuses on central banks and sovereign funds, exploring the evolution of their relationships to governments and to each other. We investigate models of co-operation and competition between these two types of actors across different jurisdictions when it comes to the fungibility of reserves, their crisis response mechanisms, transparency and accountability, and investment strategies.