As global economies recalibrate to a new set of structural realities, the 31^st UBS Reserve Management Seminar brought together over 70 institutions from 40+ countries to unpack the implications for sovereign investors. Held over the course of a week at Wolfsberg, the seminar marked a notable shift in tone and focus – from cyclical concerns to systematic risks, and from tactical positioning to strategic resilience.

Geopolitics eclipses economics

For the first time in the seminar’s three-decade history, geopolitics has overtaken economics as the dominant concern among central banks. This is not a marginal shift. It’s a reordering of priorities that reflects a world entering an extended period of fragmentation, conflict risk, and political volatility. Survey results show an overwhelming expectation of stagflation in the US, replacing last year’s cautious optimism around a soft landing. The rules of reserve management, as many participants noted, are being rewritten.

You can now read the full whitepaper at the link below