Nigeria picks asset managers for wealth fund

File: UBS apologised for any misunderstanding caused by Paul Donovan's comments, which it said were about inflation and a rise in Chinese consumer prices due to higher pork prices.

File: UBS apologised for any misunderstanding caused by Paul Donovan's comments, which it said were about inflation and a rise in Chinese consumer prices due to higher pork prices.

AFP/Carl Court

LAGOS - Nigeria has appointed three asset managers to run its sovereign wealth fund: Goldman Sachs, UBS and Credit Suisse.

The Sovereign Investment Authority (SIA) says these global investment banks were selected after a comprehensive process of review and evaluation of world class candidates.

The account is also known as the Stabilisation Fund -- it aims to act as a buffer against short term macroeconomic instability.

It holds the country’s oil and mineral profits.

But savings, in recent months, have been ill-managed, with reserves sliding from $9-billion to $5-billion in the past seven months.

The SIA says the appointment of the new co-managers will ensure that the highest standards of financial stewardship are achieved, and that assets are invested conservatively, with capital preservation being the prime motive.

 

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