Azerbaijan, Baku, 18 April / corr. Trend I. Khalilova/ As the income of State Oil Fund of Azerbaijan (SOFAZ) is expected to increase by the end of 2008, the Fund plans to increase its portfolio at the disposal of foreign managers by early 2009, Shahmar Movsumov, the executive director of SOFAZ said during the press conference on the results of the first quarter of 2008.
"There is good work underway with managers now and their income indicators are at an average rate," Movsumov said. At present we are not going to cancel the current contracts, but will attract two more managers by increasing our income at the same time, he said.
According to Movsumov, the decision in this regard will be adopted by the end 2008 and early 2009.
At present, SOFAZ has three foreign managers and the total portfolio of assets at their disposal totals $244.31mln. The assets of the Fund at the disposal of Clarident (department of Credit Suisse) totals to $49,960mln, Deutschebank Asset Management $84,170mln and the treasury of World Bank within RAMP (Reserve Assets management programme) $110,180mln.
The specific gravity of assets at the disposal of Deutschebank totals to 34.35%, Clarident 20.45%, and WB 45.1%. As a result of 2007, the yield from management of Fund's assets at the disposal of Clarident totaled to 6.43%, Deutschebank 5.82% and WB 7.08%.
According to Movsumov, a management of foreign managers system is expected to be established in the Fund within the third phase of project of technical assistance by U.S. trade and development agency after which new managers will be attracted.
As of 1 April 2008, the assets of SOFAZ totaled to $3.335.800mln with a rise by 34.8% compared to the beginning of the year.
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