While public interest in central banks over the past decade has centred on their unconventional monetary policy, important shifts have been taking place with regard to their role as investors and reserves managers. Andrew Wold, head of official institutions client strategy at State Street Global Advisors, discusses the latest OMFIF-State Street Global Advisors research, ‘How do central banks invest?’, with co-authors Elliot Hentov, head of policy research in the global macro & policy research group at State Street Global Advisors, and Danae Kyriakopoulou, chief economist and director of research at OMFIF. Topics include embracing risk in official reserves management, as well as the growing role for central banks as capital market participants.