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"The New Economics of Sovereign Wealth Funds"
Radio Feature 51: Massimiliano Castelli in conversation with Sona Blessing
 
Friday, June 29, 2012
radio 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&2 The New Economics of Sovereign Wealth Funds (Wiley, April 2012)

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"The New Economics of Sovereign Wealth Funds"

Duration: 20:18 

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  • 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?

    Duration: 04:20 

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  • Q2 - How do foreign-stake-holdings affect the national sovereignty of an investment receiving nation? How can these interests be aligned?

    Duration: 03:16 

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  • Q3 - How do SWFs differentiate themselves from other allocators/investors (U&HNWI, Pensions/Endowments, Institutional)?

    Duration: 02:15 

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  • 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?

    Duration: 04:01 

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  • Q5 - Do SWFs find it harder to allocate owing to their large ticket size?

    Duration: 01:13 

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  • Q6 - Given their size, do and can SWFs move markets?

    Duration: 01:39 

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  • Q7 - What are your observations on the path they are likely to follow in the future?

    Duration: 03:32 

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