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Quantum Global cries foul as Angolan fund seeks more asset freezes

Angola’s $5 billion FSDEA fund said it was sacking Quantum Global as its asset manager because it was concerned about the way its funds were being invested.

Quantum Global logo. Picture: quantumglobalgroup.com

ZURICH - Swiss-based asset manager Quantum Global accused Angola’s sovereign wealth fund of harassment on Sunday after more court-ordered asset freezes in a widening legal row.

Angola’s $5 billion FSDEA fund said on Friday it was sacking Quantum Global as its asset manager because it was concerned about the way its funds were being invested.

Quantum Global, which was appointed in 2012 and made most of its investments in 2015, responded by saying all Angola’s money under its management was accounted for.

On Sunday, the asset manager said a British court had reportedly on Friday granted an FSDEA application “for a worldwide freezing order on several Quantum Global Group companies” although it had not yet been served with court papers.

“Quantum Global continues to be dismayed that FSDEA has resorted to intimidation by launching legal action in multiple jurisdictions rather than seeking a negotiated settlement or arbitration in accordance with the contractual arrangements,” it said in a statement.

It reiterated that it wanted to resolve the situation with the FSDEA in an amicable manner.

Mauritius this month froze bank accounts and suspended business licences linked to QG Investments Africa Management following a visit by Angolan officials.

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