* Angola unhappy with way funds are invested
* Quantum says all money accounted for, dispute contractual (Adds Quantum reaction, details)
By Ed Stoddard
JOHANNESBURG, April 27 (Reuters) - Angola's $5 billion sovereign wealth fund said on Friday it was sacking Swiss-based Quantum Global as its asset manager because it was concerned about the way its funds were being invested.
The firm said all Angola's money under its management was accounted for and that the dispute was a contractual issue. QG was appointed in 2012, with most investments made in 2015.
"FSDEA has great concerns about Quantum Global’s approach to investment of the FSDEA funds, as it believes that is not fully aligned with the principles for which the FSDEA was established," it said in a statement.
"As a consequence of investigations through leading international global consultants and advisers, FSDEA is taking steps to remove Quantum as its asset manager," it added.
Quantum Global said any moves could result in losses from the investments.
"Any hasty move to withdraw these funds or wind down the funds would run counter to existing contractual arrangements and would lead to a significant loss of value because many of these projects are in the early phase of development," it said in a statement.
The Zurich-based firm said it looked forward to resolving the situation with the FSDEA in an amicable manner.
Since he succeeded longtime leader Jose Eduardo dos Santos last September, President Joao Lourenco has Lourenço has moved against a number of dos Santos allies and removed family members from key positions.
They include his daughter Isabel from the state oil company Sonangol and his son José Filomeno from the sovereign wealth fund.
Friday's announcement comes just weeks after Mauritius froze bank accounts and suspended business licences linked to QG Investments Africa Management following a visit by Angolan officials.
QG Investments Africa Management, which said it was cooperating with authorities in Mauritius, is run by Jean-Claude Bastos de Morais, QG founder and group chairman and a business partner of Jose Filomeno dos Santos.
Quantum Global has demanded that Mauritius authorities explain their decision to suspend its business licenses on the Indian Ocean island nation. (Additional reporting by Michael Shields in Zurich Editing by Alison Williams and Jon Boyle)