ASSET FREEZE
Angola’s sovereign wealth fund and Quantum square off
Angola's new government seeks to sever ties with Quantum Global, a Swiss firm with ties to the Dos Santos dynasty
London — Angola’s $5bn sovereign wealth fund locked horns with Quantum Global, manager of $3bn of the fund’s assets, in the high court here on Tuesday, as the investment firm seeks to overturn an asset freeze the fund has obtained. The Angolan sovereign fund, FSDEA, has taken the dispute to London, Switzerland and Mauritius as the new government seeks to sever ties with Quantum Global, a Swiss firm headed by Jean-Claude Bastos de Morais. Bastos is a long-term business partner of Jose Filomeno dos Santos, son of the former Angolan president. New Angolan President Joao Lourenco removed Dos Santos from his position as head of the fund in January. The fund also wants to remove Quantum Global as its asset manager, stating it was concerned about the firm’s approach as it was "not fully aligned" with the principles for which the fund was established. The fund obtained a global asset-freeze order against Quantum Global in a UK court, covering funds held under its name or by contracted parti...
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