OREANDA-NEWS. January 28, 2011.  The State Oil Fund of Azerbaijan (SOFAZ) hopes that the President of Azerbaijan will approve new investment strategy for the Fund this year.

Today SOFAZ executive director Shahmar Movsumov has informed that in order to increase Fund’s assets they are developing a new investment strategy of the Fund.

"I hope that during the current year the draft strategy will be submitted to the President and approved,” he said.

He also did not rule out a possibility of drawing of new companies to manage part of the Fund’s assets within the new investment strategy.

"At present we don’t intend to change foreign managing companies or to refuse from their services, as their activity over the past year was evaluated positively. But in the course of new diversified investment policy of SOFAZ we might attract new foreign managers," Movsumov said.

At present part of Fund’s money is run by Clariden, Deutsche Asset Management, World Bank (program RAMP).

According to Movsumov, for the period of SOFAZ operation the Fund received USD 46 billion, half of which forms today the SOFAZ’s assets.