Following reports of Libya's sovereign wealth fund losing as much as $300m in failed Lehman-backed structured products, development campaigning group Global Witness last week released documents showing that Goldman Sachs and HSBC together held $335m of the Libyan oil fund's assets, while Société Générale held $1bn in structured products for the fund. JP Morgan managed products worth $171m and Commerzbank $193m.
According to the report, the LIA lost almost 70% of the value of its $1bn investment in the SG Europe Medium structured product. A number of other structured products from the French bank and others including Dresdner and Fortis were in the red. In total, 7% of the LIA's assets were held in alternative investments of which more than 50% were allocated to structured products.
According to the management information report from 2010 the LIA held assets of $53bn as of June 2010.