Azeri oil fund restricts foreign managers’ access to assets
Azerbaijan’s state oil fund Sofaz has revised its policy of placing assets through foreign managers in 2012.
According to the changes, Sofaz may transfer no more than 5 percent of the total cost of its investment portfolio to foreign management whereas in 2011 the maximum amount was 15 percent.
The measure is envisaged in the 2012 investment policy approved by President Ilham Aliyev.
The fund's managers are the WB treasury, Clarident and Deutsche bank Asset Management.
The projected total cost of the investment portfolio for 2012 is 23 billion manats (around $29.5 billion), up from 19.4 billion manats ($24.8 billion) predicted in 2011.
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