Azeri oil fund to invest in equity in 2012
Azerbaijan’s state oil fund Sofaz is planning to invest in equity to increase diversification and profitability of its investment portfolio, Sofaz said on Wednesday.
According to the Fund’s investment policy approved by the Azerbaijani president in late December 2011, up to 5 percent of Sofaz’s investment portfolio can be invested in equity in 2012.
Management of the equity portfolio will be initially handled by external managers. Request for Service (RFS) process will be used to select the managers.
Sofaz's investment portfolio in 2011 totaled about $29.63 billion, which comprises 99.43 percent of the total assets. 0.09 percent of the funds are held in equity.
Sofaz assets amounted to $29.8 billion as of January 1, 2012.
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