Azeri Oil Fund Says Credit Suisse Leaves as Its External Manager

Azerbaijan’s State Oil Fund said Credit Suisse Group AG (CSGN) “discontinued” providing services as its external manager effective Feb. 28.

The Swiss bank served as one of five external managers for Sofaz, as the Azeri fund is known, according to its 2012 consolidated financial statement published on its website. It didn’t say why the relationship had ended.

A Sofaz spokeswoman, Jamala Aliyeva, didn’t immediately respond to an e-mailed request for comment. Adam Bradbery, a spokesman for Credit Suisse in London, declined to comment when contacted by phone.

Sofaz was established in 1999 to manage the Caspian Sea nation’s income from the sale of oil and natural gas. Its assets grew 0.6 percent from the end of last year to $34.3 billion on April 1.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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