World Bank, Milken Institute and Bayes Business School Launch Public Financial Asset Management Program


LONDON, September 29, 2022 – The World Bank, the Milken Institute and Bayes Business School (formerly Cass) have launched the Program for Public Financial Asset Management (PFAM). It is a one-of-a-kind program for mid-career public asset managers in developing and emerging markets to bridge the gap between theory and practice. The nine-month program includes courses from leading faculty at Bayes, complemented by a series of practitioner speakers, followed by on-the-job training at leading asset management firms across the World Bank- Milken Institute. Scholars receive a graduate degree and can convert it to a full master’s degree in finance by pursuing additional studies.

The inaugural cohort begins this month and will graduate in May 2023. The 17 fellows, 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 fellows represent central banks, and the other four come from sovereign wealth funds and public pension funds, bringing diverse expertise in the areas of risk management, asset allocation, portfolio and investments.

Central banks, sovereign wealth funds and public pension funds collectively manage more than $40 trillion in reserves and assets worldwide. A challenging global macroeconomic environment, rapidly changing financial markets, technology and the increasing complexity of investment strategies make it crucial for developing and emerging economies to continuously strengthen governance and improve the process of management of public financial assets.

“I am delighted with the launch of this unique program which helps to strengthen the long-term financial position and resilience of public institutions in our member countries, working to advance the mission of the World Bank. We are building on the success of the World Bank’s Reserve Advisory & Management Partnership to broaden and deepen our offering to future leaders of public asset management institutions. For more than 20 years, RAMP has provided world-class consulting and training services to managers of public assets, and PFAM extends the Partnership’s consulting services. I am confident that our highly experienced cohort will be able to build a global network to foster best practices and seek excellence in their institutions to tackle the complexities of managing public financial assets. said Jorge Familiar, Vice President and Treasurer, World Bank.

“Public sector asset managers are 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 in developing and emerging economies who have a deep understanding of financial markets, a commitment to good governance and the strategic tools to make investment decisions that benefit their nations . said Michael Milken, President, Milken Institute.

“At Bayes, we are incredibly excited to offer this program. Helping to develop the portfolio management and risk management skills of these central bank and sovereign wealth fund researchers fits well with our mission to deliver state-of-the-art training. The opportunities for scholars to learn from us, each other and industry partners will certainly be of great value to them and their respective institutions throughout their careers,” said Professor Richard Payne, Associate Dean, Bayes Business School.

The PFAM program in London builds on the success of the IFC-Milken Institute Capital Markets program in Washington, D.C., which has trained more than 180 growing financial policymakers and regulators in 45 countries since 2016. Upon graduation, participants return in their country of origin in accelerated. career, 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 lasting solutions that reduce poverty and create 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 IBRD and IDA finances to enable all World Bank operations and lending, prudently managing over $180 billion in assets, issuing over $50 billion bonds and processing more than $7 trillion in transactions each year.

About the Reserve Advisory & Management Partnership (RAMP)

RAMP is a program developed within the Treasury of the World Bank that builds human capital, strengthens governance and investment practices, organizes executive training, provides asset management services and brings together a network of practitioners. Created in 2001, the Partnership has more than 70 members, including central banks, international financial institutions, pension funds and sovereign wealth funds. RAMP is a trusted advisor to members and provides consulting and training services to implement best practices in on-reserve and public sector asset management. RAMP runs an annual program of executive technical workshops, drawing on Treasury’s 75 years of experience and collective knowledge, and sponsors external training. RAMP also provides asset management services from the same team that manages World Bank assets and organizes events that build community and promote knowledge sharing among public sector asset managers. You can find out more at

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 resources to develop plans to solve some of our most critical global issues through the lens of what’s pressing now. and what’s to come.

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 in change and uncertainty. The school educates nearly 4,000 students each year on world-renowned courses at all levels of study, including undergraduate, postgraduate and executive education. Upon graduation, students join a strong alumni community of 50,000 people from 160 countries. The school was renamed Bayes Business School in September 2021 after increased awareness of the links between Sir John Cass and the slave trade, leading the school and its stakeholders to reflect on the consistency of such a link to the values ​​of the school. The School has decided that, in line with its values ​​and principles, it should change its name and put more emphasis on diversity, equity and inclusion. Learn more about the diversity, equity and inclusion work at Bayes.


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