The seminar is designed to broaden the investment knowledge of central bankers and share the experience of Banca d'Italia as a reserve manager. The focus of the seminar is on portfolio management from a broad-based asset allocation perspective, including the more technical aspects of the investment activity run within the Bank. The current framework adopted for the management of investment assets is presented in connection with the evolution of financial markets and monetary policy decisions over recent years. The programme also covers topics such as risk management, market infrastructure, and investment services offered to third parties. In terms of currencies, the emphasis is on developments in US dollar and euro asset markets, particularly those in which reserve managers are most active. Beyond the technical information covered, the seminar's collegial environment should offer extensive opportunities for networking.