Libya’s sovereign wealth fund, Libyan Investment Authority, has suffered losses in the past year, as per a report by the Libyan government, Financial Times reports. Out of the total $53.3 billion of assets, the sovereign wealth fund’s $1.2 billion equity and currency derivatives portfolio fell 98.5%, while its bank and hedge fund investment products fell in value from about $5 billion to roughly $3.5 billion, at the end of June 2010.
The banks that did business with the Libyan regime of President, Muammar Qaddafi, include Societe Generale (SocGen), JPMorgan Chase, Credit Suisse and BNPParibas. The Libyan fund also had $300 million invested with U.S. hedge fund manager, Och- Ziff Capital Management. Three deals set up by SocGen fell from an initial value of $1.8 billion to $1.05 billion.
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