Massimiliano Castelli, is Head of Global Strategy in the department advising central banks and Sovereign Wealth Funds(SWFs) at UBS Global Asset Management. In this role, he analyses market trends affecting the investment behaviour of sovereign institutions and works closely with investment specialists in providing investment advice and developing tailored investment solutions for this client segment.
He is a global thought leader on macro economic, financial and political trends in sovereign wealth management and has authored The New Economics of Sovereign Wealth Funds (Wiley, April 2012), together with Fabio Scacciavillani.
According to the authors, the book focuses "on the big picture which has been lost in the noise of diatribes and the narrow visions of most analyses. Few seem to have realised that the rise of the SWF is driven by a tectonic movement: the shift of economic centre of gravity from mature economies to large emerging markets (especially in Asia), and to commodity-exporting countries, some of which (e.g. Australia, Canada, Norway) have been wealthy nations for a long time."1...
In this radio feature Massimiliano elaborates on why "The increasing prominence of SWFs is therefore a symptom of a rebalancing in economic weight and represents one of the channels through which the secular shift to a multipolar global economy is taking place."2...
Source: 1&2The New Economics of Sovereign Wealth Funds (Wiley, April 2012)
Q1 - What is the geo-political, economic and financial significance associated with the assets (estimated at USD 5 trillion, Dec. 2011, source: SWF Institute and Prequin) being managed by SWFs?
Q4 - In terms of portfolio allocation - how much liquidity do they need and what percentage of their portfolio can be illiquid? How often do they rebalance their portfolio?
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