Libyan Fund Seeks New Investments

The Wall Street Journal reports that Libya's sovereign wealth fund, the Libyan Investment Authority (LIA), is actively looking for new investments in bonds and property.

The fund's chairman, Mohsen Derregia, told Dow Jones that it plans to radically change the asset allocation of its $60 billion portfolio after several years of lackluster returns and allegations of misconduct leveled against its former managers.

It also wants to diversify away from the financial sector.

The LIA is also reported to be considering investing in the Petroplus oil refinery in France.

(Source: Wall Street Journal)

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