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Global Public Investor 2014

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Central banks around the world are buying increasing volumes of equities as part of a diversification by official asset holders that are now a global force on international capital markets. This is among the findings of Global Public Investor (GPI) 2014, the first comprehensive annual survey of $29.1tn worth of investments held by 400 public sector institutions in 162 countries. The report underlines overlapping investment behaviour in several fields among different institutional groups of public investors.  For example, channelling long-term funds into areas like infrastructure, energy and transport requires more co-investment among diverse investment organisations

The report includes the Top 400 Ranking Table, encompassing a full range of Global Public Investors. The assets ranked in the overall survey of the largest 400 GPIs comprise $13.2tn (including gold) at central banks, $9.4tn at public pension funds and $6.5tn at sovereign wealth funds. The list includes 157 central banks, 156 public pension funds and 87 sovereign funds.

A copy of the report can be ordered here.The study contains articles by 64 authors from 56 institutions in 32 countries, including:

  • Franco Bassanini, Chairman,  Cassa depositi e prestiti
  • Leo de Bever, Chief Executive,  Alberta Investment Management Corporation
  • Heung Sik Choo, Chief Investment Officer,  Korea Investment Corporation
  • Jingdong Hua, Vice President and Treasurer,  International Finance Corporation
  • Thomas Jordan, President,  Swiss National Bank
  • Jin Liqun, Honorary Chair,  International Forum of Sovereign Wealth Funds
  • Linah Moholo, Governor,  Bank of Botswana
  • Azman Mokhtar, Managing Director,  Khazanah Nasional
  • David Murray, former Chairman,  Australian Government Future Fund
  • Adrian Orr, Chief Executive,  New Zealand Superannuation Fund
  • José Filomeno de Sousa dos Santos, Chairman,  Fundo Soberano de Angola
  • Amando M. Tetangco Jnr., Governor,  Bangko Sentral ng Pilipinas
OMFIF research has highlighted a number of findings of interest to public investors and financial market participants. A recession-induced decline in interest rates in the major reserve currencies has had reduced the profitability of central banks’ holdings, adding to the drive for diversification. Central banks around the world appear to have foregone $200bn to $250bn in interest income as a result of the recent falls in bond yields.The report emphasises principles guiding public investor behaviour following the 2007-08 financial crisis, including the opportunities and risks of diversification into higher-yielding currencies and other assets and the complexities of managing interconnectedness between different sectors, countries and financial systems. It recommends that public investors should step up shareholder engagement as part of greater interactions between the public and private sectors.The publication, coinciding with the opening in London of the International Forum of Sovereign Wealth Funds headquarters, is supported by the  financial centres of Frankfurt, Hong Kong, Kuala Lumpur, London, Johannesburg, Mauritius, Qatar, São Paulo and Toronto.Click here for news on launch presentations in London, Hong Kong, Toronto and Washington.
GPI 2014 press coverage:Central banks shift into shares as low rates hit revenues,  The Financial Times, 15 JuneCentral banks buy up equities as bond yields slip,  CNBC, 16 JuneThe march of the sovereigns,  The Economist, 17 June

A brand new central bank wheeze,  MoneyWeek, 17 June

Beware central banks’ share-buying sprees,  The Financial Times, 19 June

Notenbanken investieren stärker in Aktien,  Handelsblatt, 23 June

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How to order GPI 2014:To order hard or soft copies of the report please contact sales@omfif.org or submit the followingform directly.For further details on the Global Public Investor 2014, including invitations to launch presentations, and plans for GPI 2015 please contact Liisa Vainio at liisa.vainio@omfif.orgFor general enquiries please contact secretariat@omfif.org or +44 203 008 5262.
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