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Angola seeks out: to remove Quantum Global as asset manager

Angola seeks out: to remove Quantum Global as asset manager

Angola’s sovereign wealth fund (FSDEA) said on Friday that it is taking steps to remove Swiss-based Quantum Global as its asset manager.

“FSDEA has great concerns about Quantum Global’s approach to investment of the FSDEA funds, as it believes that is not fully aligned with the principles for which the FSDEA was established,” the fund said in a statement.

The change comes two weeks after Mauritius froze bank accounts and suspended business licenses linked to Quantum Global Investments Africa Management.

FSDEA has great concerns about Quantum Global’s approach to investment of the FSDEA funds, as it believes that is not fully aligned with the principles for which the FSDEA was established”.

QG Investments Africa Management is run by Jean-Claude Bastos de Morais, a business partner of Jose Filomeno dos Santos and the director of Quantum Global Investment Management which said that it was collaborating with the Mauritian authorities in Mauritius.

Quantum Global was not reachable to make any comment.

In the past, they had promised to collaborate with relevant authorities against ‘unwarranted attacks on our reputation’.

Jose Filomeno dos Santos, the son of José Eduardo dos Santos, Angola’s former president, was until recently the head of Angola’s sovereign wealth fund.

The younger dos Santos has been accused for fraud against Angola’s central bank, relating to the transfer of $500 million in Britain.

Dos Santos is the highest-profile figure to be investigated for corruption since President Joao Lourenco took power last September, vowing to combat years of endemic graft in Africa’s second-largest oil producer.

Since President Joao Lourenco took power last September, vowing to combat years of endemic graft in Africa’s second-largest oil produce, Dos Santos is the highest-profile figure to be investigated for corruption.

Isabel dos Santos, his half-sister, has also been removed as chair of state oil company Sonangol.