Feb. 15 (Bloomberg) -- Azerbaijan’s State Oil Fund, known as Sofaz, will invest in stocks this year as it seeks to increase returns and diversify its holdings, according to the fund’s 2012 investment plan.
Equities can make up 5 percent of the investment portfolio, Sofaz said in a report on its website yesterday. The fund plans to hire foreign managers to oversee its equity investments.
Sofaz, established in 1999 to manage state income from oil and natural gas sales, saw its assets grow 31 percent last year to $29.8 billion.
--Editors: Paul Abelsky, Hellmuth Tromm
To contact the reporter on this story: Zulfugar Agayev in Baku at firstname.lastname@example.org
To contact the editor responsible for this story: Hellmuth Tromm at email@example.com