Colombia culls external reserve manager to boost competition

The Central Bank of Colombia has cut the number of external asset managers handling its international reserves portfolio in a bid to foster greater returns.

In December 2018, the central bank worked with six asset managers, down from seven in December 2016, according to its twice-yearly report on international reserves management, published on January 17. The institution cut one asset manager whose performance was deemed to be weaker than the rest. 

The cut did not entail a meaningful