Norway’s Sovereign Wealth Fund Makes Case for External Managers
Norges Bank Investment Management (NBIM), manager of Norway’s sovereign wealth fund, has countered an article written by Dagens Næringsliv, a Norwegian business media source, which published on February 18, 2015. 4% of Norway sovereign wealth fund assets are managed by external managers, a lower proportion compared to many sovereign wealth funds and large pensions. NBIM’s reason for keeping such an allocation is due to the need for expertise in niche markets and specialist segments. Thus most of NBIM’s equity exposure to emerging markets is conducted through external managers. In addition, specialist-focused strategies like healthcare or environmental strategies are also outsourced as well.
According to NBIM, since the formation of Norway’s Government Pension Fund Global (GPFG), external managers have contributed an excess of 15 billion NOK after costs. Taking February 20, 2015’s NOK translation into U.S. dollars, the amount is US$ 1.97 billion.
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