Sovereign Wealth: Goldman Sachs, Credit Suisse, UBS to manage NSIA’s assets

Posted by News Express | 29 August 2013 | 4,299 times

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Renowned international fund magaers Goldman Sachs, Credit Suisse and UBS are to manage the Stabilization Fund of the Nigeria Sovereign Investment Authority (NSIA), it has been announced.

Making the announcement yesterday in Abuja, the Nigerian capital, NSIA Managing Director & Chief Executive Officer, Mr. Uche Orji, said that UBS was selected to manage the US Treasury Bond portfolio and that Goldman Sachs and Credit Suisse were selected to manage the investment grade US corporate bond portfolio.

The Stabilisation Fund is intended to act as a buffer against short-term macro-economic instability. As such, the Fund’s assets will be invested conservatively, with capital preservation in nominal terms being of primary importance. Given the short- term nature of the Fund’s potential liabilities, the Fund is restricted to investing in investment grade sovereign and

corporate fixed income assets. The initial Benchmark is a blend of 25% Barclays 1-3-year US Treasury Bonds and 75% Barclays 1-3-year US Corporate Bond Index.

“This marks another important milestone for NSIA and follows a comprehensive process of review and evaluation of world class candidates for this mandate,” Mr. Orji, said in a statement. “The appointment of three leading global investment banks to assist with the management of the Stabilization Fund – drawing on the particular expertise of each to match our investment management requirements – will help us achieve the economic policy objectives set for NSIA and attain the highest standards of financial stewardship to which NSIA aspires,” he added.

Photo shows NSIA MD/CEO, Mr. Uche Orji.

Source: News Express

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