Sovereign Asset Management A Practical Framework for a New Era in Sovereign Investment (SAM) IMF Institute

This course, presented by the IMF's Monetary and Capital Markets Department, addresses issues pertaining to how countries link policy objectives, and macroeconomic and institutional constraints in the management of sovereign foreign assets. An emphasis is placed on the range of approaches which may be employed in developing a framework for sovereign strategic asset allocation (SAA) and investment policies, taking into account the different objectives and constraints of different types of sovereign investors. The management of associated risks features prominently. Lessons from the global financial crisis for managing sovereign assets are highlighted, as are new challenges. Finally, simulation-based tools, hands-on training, and country case studies are used to illustrate practical issues, including presentations by invited practitioners from the financial markets.

The course considers, inter-alia, the following: 

  •  Macro-financial linkages in sovereign asset management including how the management of sovereign assets and liabilities can be approached in a way that serves both the needs of domestic stakeholders, as well as the broader international financial system;
  •  New advances in strategic asset allocation and portfolio construction methodologies, including the limitations and benefits of different approaches to building robust portfolios;
  • Risk management, including the management of liquidity, currency, duration, credit and tail risks, as well as asset-liability management considerations;  
  • New challenges in sovereign investment management, including navigating a world of financial repression and a shortage of safe assets; financial deepening in emerging capital markets; a framework for outsourcing and internalizing asset management; and considerations for domestic versus foreign investment of sovereign assets.

The IMF Institute for Capacity Development (ICD) organizes courses for officials from Arab League member countries at the CEF in Kuwait. The CEF's activities are generously sponsored and funded by the Government of Kuwait. The primary purpose of the CEF is to strengthen the skills of officials from Arab League countries in economic analysis and diagnosis, and in formulating and implementing effective economic and financial policies. The IMF will be the principal training provider for the CEF in the area macroeconomic management. Training outside the core areas of expertise of the IMF will be delivered by other organizations, such as, the World Bank, WTO, and OECD. Furthermore, and in line with the CEF's objective to collaborate closely with regional institutions, the CEF started recently to conduct some joint training courses with the Arab Monetary Fund in Abu Dhabi. Courses are offered generally in Arabic or in English with interpretation into Arabic.

Selection Process: 

Courses are by invitation only. Candidates are nominated by government agencies upon the request of the CEF.Observer Policy: The Institute for Capacity Development's policy for participation by IMF local staff and officials from non-program advanced economies in our regional training centers is that they will be given "Observer" status since these centers are run with the assistance of donor financing. Attending as an Observer provides the same access to course content and activities, but all associated costs (accommodation, travel and per diem) need to be covered by the sponsoring institution.

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