September 2, 2013

NSIA appoints Goldman Sachs, Credit Suisse, UBS asset managers

By Emma Ujah, Abuja Bureau Chief

The Nigeria Sovereign Investment Authority, NSIA, has appointed Goldman Sachs, Credit Suisse and UBS as asset managers for its Stabilisation Fund.

A statement by the authority quoted the Managing Director, Mr. Uche Orji, as saying that UBS was selected to manage the US Treasury Bond portfolio, while Goldman Sachs and Credit Suisse would manage the 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 MD said.

He explained that the initial Benchmark is a blend of 25 percent, Barclays 1-3 year US Treasury Bonds and 75 percent Barclays 1-3 year US Corporate Bond Index.

Mr. Orji added, “this marks another important milestone for NSIA and follows a comprehensive process of review and evaluation of world class candidates for this mandate.”