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.
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.