Editorial Team

Emmanuel Udom-Managing Editor, Stephen Dijo Philemon-Deputy Editor, Janet Udom-Senior Correspondent, Precious Udom-Senior Correspondent, Williams Ita-Bureau Chief(Akwa Ibom/Cross River), Fabian Idoko-Senior Correspondent

    Manufacturer's Representative Import Export General Merchandise Contract Adress: Araromi Quarters, Owode Area, Ifo, Ogun state, Nigeria P.O.Box 2632, Oshiodi, Lagos Telephone: 2348166719412

    Friday, 11 October 2013

    SWF invests $200million in fixed income

    By Emmanuel Udom, Lagos  

    Nigeria’s sovereign wealth fund (SWF) availed over $200million in fixed income portfolio to UBS, Credit Suisse and Goldman Sachs to manage.
    The $200million represents the 20% stabilization fund aimed at capital preservation. It is the Fund’s first ever investment move since inception. The Fund gave the sum of $50million to Union Bank of Switzerland (UBS) for investment in US Treasuries, while $150million is to be transferred to Credit Suisse and Goldman Sachs for the purpose of building a US corporate bond portfolio.
    This was revealed in a breakdown given by the Nigerian Sovereign Investment Authority (NSIA). Relative to peers in sub-Saharan Africa, the $1billion Fund is the third largest, trailing Botswana’s $6.9billion and Angola’s $5billion.
    The sovereign fund was set up to safeguard oil revenues for future generations, provide a buffer against external shocks and spur infrastructure development in Nigeria.
    Source: Access Bank weekly review

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