27.06.2013 - Angola: Keeping Angola's sovereign wealth fund in the family
Angola's Sovereign Wealth Fund has been struggling for credibility since its high-profile launch in October last year. For seven months, the Fundo Soberano de Angola (FSDEA) appeared to talk big but do little. However, after rather embarrassingly missing its own self-imposed deadline to publish its investment policy by the end of the first quarter of 2013, the FSDEA has finally - three months later - given us a glimpse of how it plans to use its pot of US$5billion. In a statement delivered last Friday afternoon - possibly the worst time to break news in Africa, especially something financial - the FSDEA said the Angolan Government had approved its investment policy. It was also announced that Jose Filomeno de Sousa dos Santos, the eldest son of Angola's long-serving President, Jose Eduardo dos Santos, would be the fund's chairman...............................................Full Article: Source