Azerbaijan, Baku, 26 January / Trend corr. I.Khalilova / The issue on involving new foreign managers to govern assets of SOFAZ might be viewed due to the expected increase in the revenues to be gained by the State Oil Fund of Azerbaijan and taking into account the use of the international experience in this issue to the end of 2008 and beginning of 2009, Shahmar Movsumov, the SOFAZ Executive Director, has said during the press-conference dedicated to the results of 2007 and plans for 2008.
Within the framework of the third phase SOFAZ starts the negotiations with the United States Trade and Development Agency (USTDA) to create the system on management of foreign managers.
"Today, we are satisfied with the functioning of current managers and we will continue our contracts with them," Movsumov stated.
Presently, SOFAZ has three foreign managers. The common portfolio of assets totals to $239,96mln. The Clarident bank possesses $49.8mln of SOFAZ assets, Deutschebank Asset Management - $83.13mln and World Bank within the RAMP (Reserve Assets management programme) program - $107,03mln.
The specified weight of the funds in Deutschebank made up 34.65%, Clarident - 20.75% and WB - 44.6%. According to the results of 2007 the revenues from the fund portfolio transferred to Clarident made up 6.43%, Deutschebank- 5.82% and WB -7.08%.
By 1 January 2008 SOFAZ assets totaled to $2475, 4mln.