LONDON, September 29, 2022 - The World Bank, Milken Institute and Bayes Business School (formerly Cass) launched the Public Financial Asset Management Program (PFAM). It is a first-of-its-kind program for mid-career public asset managers across developing and emerging markets to bridge the gap between theory and practice. The nine-month program includes coursework by leading professors at Bayes supplemented by a practitioner Speaker Series, followed by on-the-job training at distinguished asset management firms across the World Bank-Milken Institute network. Scholars receive a Post-graduate Diploma and can convert it to a full MSc in Finance by completing additional studies.
The inaugural cohort begins this month and will graduate in May 2023. The 17 scholars, including eight women and nine men, hail from 11 countries, including North Africa and the Middle East, Sub-Saharan Africa, Eurasia, East Asia and Southeast Asia. Most of the 17 scholars represent central banks, and the remaining four are from sovereign wealth funds and public pension funds, bringing a diverse expertise from areas of risk management, asset allocation, portfolio management and investments.
Central banks, sovereign wealth funds, public pension funds collectively manage more than $40 trillion in reserves and assets worldwide. A challenging global macroeconomic environment, rapidly evolving financial markets, technology, and the increasing complexity of investment strategies make it crucial for developing and emerging economies to continuously strengthen governance and enhance the process of the management of public financial assets.
“I am delighted by the launch of this unique program that helps strengthen the long-term financial position and resilience of public institutions of our members countries, working to advance the World Bank’s mission. We build on the success of the World Bank’s Reserve Advisory & Management Partnership to expand and deepen our offering to future leaders of public asset management institutions. For over 20 years, RAMP has delivered first-class advisory and training services to public asset managers, and PFAM extends the Partnership’s advisory services. I have confidence that our highly experienced cohort will build a global network to foster best practices and pursue excellence in their institutions to tackle the complexities of public financial asset management.” said Jorge Familiar, Vice President & Treasurer, World Bank.
“Public sector asset managers are the stewards of national wealth for future generations, and play a crucial role in financing long-term prosperity. We are focused on developing a generation of leaders across developing and emerging economies who have a deep understanding of capital markets, a commitment to good governance, and the strategic tools to make investment decisions that benefit their nations.” said Michael Milken, Chairman, Milken Institute.
“We at Bayes are incredibly excited to be delivering this programme. Helping to develop the portfolio and risk management skills of these scholars from central banks and sovereign wealth funds chimes well with our mission to deliver education that is right at the edge of practice. The scholars’ opportunities to learn from us, from each other and from industry partners will surely be of great value to them and their respective institutions throughout their careers,” said Professor Richard Payne, Deputy Dean, Bayes Business School.
The PFAM program in London builds on the success of the IFC-Milken Institute Capital Markets Program in Washington, DC, which has trained over 180 rising financial policymakers and regulators across 45 countries since 2016. Upon graduation, participants return to their home countries on accelerated career path, equipped with the tools and networks to contribute to long-term market development and sustainable economic growth.
About the World Bank
The World Bank is a unique global partnership: two institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The International Bank for Reconstruction and Development (IBRD) is a global development cooperative established in 1944, owned by 189 member countries, and the largest development bank in the world. The International Development Association (IDA), established in 1960, is the part of the World Bank that helps the world’s poorest countries. The World Bank Treasury manages the finances of IBRD and IDA to enable all World Bank operations and lending, prudently managing over $180 billion in assets, issuing over $50 billion in bonds, and processing over $7 trillion in transactions every year.
About the Reserve Advisory & Management Partnership (RAMP)
RAMP is a program developed within the World Bank Treasury that builds human capital, strengthens the governance and investment practices, hosts executive training, delivers asset management services, and convenes a network of practitioners. Established in 2001, the Partnership serves over 70 members, including central banks, international financial institutions, pension funds and sovereign wealth funds. RAMP is a trusted advisor to members and delivers advisory and training services to implement best practices in reserves and public sector asset management. RAMP hosts an annual program of executive technical workshops, leveraging Treasury’s 75 years of experience and the collective knowledge, and sponsors external training. RAMP also delivers asset management services delivered by the same team that manages the World Bank’s assets and convenes events that build community and promote knowledge sharing among public sector asset managers. You can learn more at ramp.worldbank.org.
About the Milken InstituteThe Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what’s pressing now and what’s coming next.
About Bayes Business School (formerly Cass)
Bayes Business School (formerly Cass) is a leading global business school driven by world-class knowledge, innovative education and a vibrant community. The School has been at the forefront of business education for more than 50 years, developing leaders who help businesses thrive through change and uncertainty. The School educates nearly 4,000 students each year on globally renowned courses across all levels of study including undergraduate, postgraduate and Executive Education. On graduating, students join a strong alumni community of 50,000 from 160 countries. The School was renamed as Bayes Business School in September 2021 after increasing awareness of the links between Sir John Cass and the slave trade, which made the School, and its stakeholders, reflect on whether such a link was consistent with the School’s values. The School decided that, in line with its values and principles, it should change its name and increase its focus on diversity, equity, and inclusion. Read more about Diversity, Equity, and Inclusion work at Bayes.
