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Sovereign wealth fund nets N1.2b profit

24 June 2014, 11:49

 Lagos - The Management of the Nigerian Sovereign Investment Authority (NSIA) has announced a net profit of N1.2 billion for its operations in the first quarter of 2014, which is more than double the N525 million reported for the whole of last year.

In what may be considered a justification of the decision of the federal government to set up the SWF to save some portion of the money realised from the sale of crude oil, Uche Orji, chief executive of NSIA, noted that the result was despite the fact that not all of the pool of funds has been invested.

He said most of the earnings and profit for the period came from the future generation fund, particularly equity investments, emerging markets and some hedge funds, even noting in particular two hedge funds that performed very well.

Speaking further, he said: “We invested in the emerging markets when they were at the bottom at the end of February and also invested in developed markets in Europe and even Japan.

He assured that going by the trend seen so far, the fund is on track to deliver similar or higher numbers as seen between January and March in the current quarter and the first full year of operations.

The NSIA boss noted that while hedge funds got allocated to four managers, the best performing returned 12.21 percent year-to-date, while the worst shed 2.8 percent within the period.

The managers, he explained, were selected to have different performance profiles in different market environments, such that when one is struggling to perform, others will outperform.

At all times, he further assured, “we believe we are well positioned going into the rest of 2014 having had a strong start to the year.”

-  NAN

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