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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