Previous | Back to Main | NextAngola is keeping its abundant oil wealth in the family. Just 24 hours after the World Bank called on the country’s government to clarify the structure of its fledgling $5 billion sovereign wealth fund, the Fundo Soberano de Angola named José Filomeno de Sousa dos Santos, son of President José Eduardo dos Santos, as its new chairman. The younger dos Santos, 35, has little experience in asset management. He arrived at the fund from back-office roles at Luanda-based AAA Insurance, part-owned by Angola’s state oil company, Sonangol, and at Swiss commodities trader Glencore. In a statement he said that the fund will “make the best and most considered investments that support the country’s long-term economic future.” It remains to be seen whether the new chairman can compete with his older half-sister, Isabel dos Santos, whose substantial holdings in Angolan and Portuguese finance and telecom companies have made her Angola’s first billionaire — and reputedly the richest woman in Africa.
