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STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN
State Oil Fund of Azerbaijan signs contract with Overture Financial Services LLC to implement US TDA funded Institutional Capacity Building Project
18 Jan 2005 11:00:00
State Oil Fund of Azerbaijan signs contract with Overture Financial Services LLC to implement US TDA funded Institutional Capacity Building Project
18 Jan 2005 11:00:00
On January 18, 2005 SOFAZ and Overture Financial Services LLC the parent company of Overture Managed Solutions (“OMS”) signed a contract to implement US Trade and Development Agency (TDA) funded Institutional Capacity Building project. OMS was named a winner of the tender in November 2004.
On behalf of SOFAZ the agreement was signed by Executive Director of SOFAZ Mr. Samir Sharifov. Mr. Mark DeSario, Chairman and Chief Executive Officer signed the agreement on behalf of Overture Financial Services LLC. The signing ceremony was attended by Mr. Daniel Stein, Regional Director of TDA for Eurasia and Charge D' Affair US Embassy in Baku.
The original grant agreement worth $1.091 million was signed on May 19, 2004 in Baku. Eight U.S. companies have taken part in the USTDA announced tender to select a specialized consultancy firm to advise SOFAZ on its capacity building needs, including OMS, Baker & McKenzie, Copley Investment Management, Econenergy International Corporation, Bearing Point, LJC Group LTD, KPMG LLP and Sky BroadBand Services, Inc. Pursuant to the grant agreement only U.S. domiciled companies were eligible for the tender.
New York based OMS specializes in design and implementation of turnkey and state-of-the art investment platforms for financial institutions. OMS also provides consulting and personnel training services to investment managers, pension funds and institutional funds for the establishment of such platforms. For the purpose of rendering additional consultancy services OMS attracted key personnel of Alaska Permanent Fund Corporation.
The scope of technical assistance envisaged by the grant agreement includes:
On behalf of SOFAZ the agreement was signed by Executive Director of SOFAZ Mr. Samir Sharifov. Mr. Mark DeSario, Chairman and Chief Executive Officer signed the agreement on behalf of Overture Financial Services LLC. The signing ceremony was attended by Mr. Daniel Stein, Regional Director of TDA for Eurasia and Charge D' Affair US Embassy in Baku.
The original grant agreement worth $1.091 million was signed on May 19, 2004 in Baku. Eight U.S. companies have taken part in the USTDA announced tender to select a specialized consultancy firm to advise SOFAZ on its capacity building needs, including OMS, Baker & McKenzie, Copley Investment Management, Econenergy International Corporation, Bearing Point, LJC Group LTD, KPMG LLP and Sky BroadBand Services, Inc. Pursuant to the grant agreement only U.S. domiciled companies were eligible for the tender.
New York based OMS specializes in design and implementation of turnkey and state-of-the art investment platforms for financial institutions. OMS also provides consulting and personnel training services to investment managers, pension funds and institutional funds for the establishment of such platforms. For the purpose of rendering additional consultancy services OMS attracted key personnel of Alaska Permanent Fund Corporation.
The scope of technical assistance envisaged by the grant agreement includes:
- reviewing and refining current asset and risk management guidelines and policies
- building performance measurement capacity and external manager selection and performance evaluation criteria
- selection and implementation of portfolio management software
- legal advisory (or legal support)
- preparation of operations procedures of the Fund, as well as training of Fund’s personnel.
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