1、MANAGING RESERVES IN A WORLD TURNED UPSIDE DOWN omfif.org3YOUR INVESTMENT MANAGER YOUR TRUSTED PARTNERThe No.1 European Asset Manager(1)Getty ImagesFOR PROFESSIONAL CLIENTS ONLY.(1)Source IPE“Top 500 asset managers”published in June 2022 and based on AUM as of end December 2021.(2)Amundi data includ

2、ing Lyxor as at 31/03/2022.In the UK,this promotion is issued by Amundi(UK)Limited,registered office:77 Coleman Street,London,EC2R 5BJ,United Kingdom.Amundi(UK)Limited is authorised and regulated by the Financial Conduct Authority under number 114503.This document is not intended for any citizens or

3、 residents of the United States of America or any“U.S.Person”as defined by“Regulation S”of under the US Securities Act of 1933.The content of this advertisement is for information purposes only and does not constitute a recommendation to buy or .June 2022.|To meet our clients evolving needs,Amundi o

4、ffers industry-leading investment solutions,the strength and scale of a global leader and a firm commitment to responsible investment.More than 2 trillion in assets under management(2)A presence in more than 35 countries with 6 investment hubs Active,passive and real assets investment solutionsBecau

5、se thats what you expect from a trusted partner._GB_Amundi_CorporateGenerique_OMFIF_210 x297mm+3_2006.indd 116/06/2022 09:35CONTENTS5 Foreword All change forreserves managers.7 Executive summary Managing reserves in a world turned upside down10Key findings20 Chapter 1:Macro environmentReserves manag

6、ers face tough new paradigm.26 Chapter 2:Asset allocationTime to get more active?202666385275624438Chapter 3:External managers Knowledge is key as reserves managers lean on their advisers.44Chapter 4:Sustainable bonds Barriers to entry hamper sustainability progress.52Chapter 5:Global flows Caution