As of December 2016, 8.5% of SOFAZ’s investment portfolio was managed by external managers, said the audit report conducted by PricewaterhouseCoopers Audit Azerbaijan LLC.
Benefits brought by external managers include market expertise, specific industry experience and regional presence thereby adding value to the investment portfolio.
The following external managers were responsible for managing the portion of SOFAZ assets:
For fixed income portfolio:
• World Bank – the World Bank Treasury manages USD 226 mln. (0.7% of assets);
• Deutsche Bank Advisors – manages USD 102 mln. (0.3% of assets).
For equity portfolio:
• UBS Asset Management – manages USD 1 274 mln. (3.9% of assets);
• State Street Global Advisors (SSgA) – manages USD 1 215 mln. (3.7% of assets).