Libyan Investment Authority taps Oliver Wyman for reform agenda

31 October 2019 2 min. read
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Sovereign wealth fund the Libyan Investment Authority has tapped global management consultancy Oliver Wyman to aid with its reform agenda.

State-managed wealth fund the Libyan Investment Authority (LIA) – which holds $67 billion in, mostly frozen, assets – has signed up global management consultancy Oliver Wyman to help it with improving operational processes, governance, capacity-building and future strategic direction. The arrangement, signed in London and due to commence at the beginning of next year, follows recent steps toward reform.

“The LIA is looking forward to working in close cooperation with Oliver Wyman to implement an enhanced governance programme,” LIA’s Chairman and CEO Ali Mahmoud said. “We are determined to undertake fundamental reforms to ensure that the LIA follows international standards of best practice for sovereign wealth funds. As an independent wealth fund our priority is to swiftly adopt international best practice.”

The appointment of the management consultancy comes after the LIA’s announcement of further internal reforms in August, followed by dual meetings with the UN special sanctions committee and representatives of the UK government and World Bank in September. At the latter consultation meeting, agreements were reached to implement a number of actions at the LIA to improve governance, transparency and efficiency.Libyan Investment Authority taps Oliver Wyman for reform agendaTo be performed according to an unspecified timeline, it was further noted that the international community would provide technical support for certain initiatives – while there would be “evaluation and follow-up of projects with the help of specialised international experts.” Previously, LIA's Board of Trustees, headed by Libyan Prime Minister Fayez al-Sarraj, had granted permission to bring in external auditors.

“This appointment is the latest element of our strategy to undertake an extensive programme of reform to ensure that the LIA is able to manage our assets as effectively and as efficiently as possible in the interest is of the Libyan people,” said Mahmoud of the Oliver Wyman contract, which was signed in a meeting with the firm’s senior leadership, including Oliver Wyman Forum CEO John Romeo and UK partner David Clarkson.

Operating from 60 offices in 29 countries worldwide, Oliver Wyman doesn’t have a permanent base in Northern Africa or the Maghreb (several rival management firms including McKinsey and BCG run offices in Morocco), with its MENA footprint consisting of outlets in the Emirates, Saudi Arabia and Qatar. At least three of the Big Four meanwhile – PwC, Ernst & Young, and Deloitte – each have an office in Tripoli.