The Central Bank of Nigeria, Lagos, today hired 14 money managers to run a combined $7 billion in global fixed income. Investec Asset Management will run $375 million, said Ade Animashahun, managing director, Investec Asset Management (excluding South Africa).
Other managers hired were BlackRock, JPMorgan Asset Management, HSBC, BNP Paribas, UBS Global, Morgan Stanley Investment Management, Bank of New York, Credit Suisse, Fortis, ABN AMRO Asset Management, Cominvest, ING and Crown Agents.
The selected managers were required to have "partnership ties with local banks," and portfolio sizes were based on the market share of each manager's Nigerian partner, the bank said in a statement. Further details could not be learned by press time.
Barclays Bank, Deutsche Bank and PIMCO "technically qualified but could not be awarded mandates as they did not have local partners," the bank said in a statement.
