Goldmans and HSBC 'stored $335m of funds for Libya'

clock • 1 min read

Goldman Sachs and HSBC are two of the banks that stored funds for Libya's government investment fund under Muammar Gaddafi, according to reports.

The US investment banking giant had around $44m as of the end of June last year while HSBC had around $292.7m, according to documents posted on advocacy group Global Witness' website by a Libyan authority, Bloomberg reports. The country's state fund, of which Gaddafi is still in control, lost about 4.5% from the previous quarter, meaning total assets fell to $53.3bn. The fund saw its investments in equity derivatives - with a value of around $1.25bn - drop 98% in value to $19.9m as of 30 June. Almost $3.9bn was held in structured products with hedge funds and investment banks, with...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Aegon AM launches UK-domiciled global income fund

Aegon AM launches UK-domiciled global income fund

In response to client demand

clock 27 June 2025 • 1 min read
CCLA's Charlotte Ryland and Joe Hawkes: How to position for the end of the 90-day tariff pause

CCLA's Charlotte Ryland and Joe Hawkes: How to position for the end of the 90-day tariff pause

Focus on quality

Charlotte Ryland and Joe Hawkes
clock 26 June 2025 • 4 min read
Almost half of UK investors using social media for financial advice

Almost half of UK investors using social media for financial advice

Many sources 'unregulated and unverified’

Sorin Dojan
clock 23 June 2025 • 2 min read
Trustpilot