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Norway’s SWF Posts 2.7% Return for 2015

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Yngve Slyngstad

Yngve Slyngstad

Norway’s Government Pension Fund Global (GPFG) returned 2.7%, or 334 billion NOK, in 2015. Real estate was the best performing asset class at 10%. The wealth fund’s allocation to real estate moved up to 3.1% of assets. Norway’s GPFG also opened offices for real estate in Tokyo and Singapore. Equity investments returned 3.8%, while fixed income investments posted 0.3% in returns. At year-end 2015, the fund had a market value of 7,475 billion NOK.

View Sovereign Wealth Fund Profile of Norway’s GPFG

In a press release statement, Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM) commented, “2015 was a volatile year, with negative interest rates, currency turmoil, falling oil prices and weaker growth expectations for emerging markets. We have seen fluctuations in the fund’s return from quarter to quarter, but overall a satisfying result.”

Slyngstad addressed media, commenting that Norway’s sovereign fund has not been a part of the global selloff of listed equities this quarter. Some of the wealth fund’s largest listed equity holdings at year-end December 2015 were Nestle, Apple, Roche Holding, Novartis, Alphabet (formerly Google), Microsoft, BlackRock and HSBC Holdings.

Comments on Brexit

On another note, according to a Reuters interview with Yngve Slyngstad, he mentioned if Britain left the European Union it would not be a significant risk to its investments. Slyngstad said in the interview, “We will continue to be a significant investor in the UK at about the same level as we are today and probably even increasing our investments there going forward no matter what happens.”

Andrew Claerhout Leaves OTPP

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Andrew J. Claerhout exited the Ontario Teachers’ Pension Plan (OTPP). He was Senior Managing Director of Infrastructure and Natural Resources. His responsibilities included overseeing a swath of infrastructure acquisitions and asset management globally, along with investments in oil and gas, agriculture (avocados for example), timberlands and other resource sectors. Clearehout joined OTPP back in 2005.

Taking his spot in the interim is Dale Burgess, Managing Director, Latin America, at OTPP.

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PwC Sells US Public Sector Practice to Veritas Capital

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PricewaterhouseCoopers (PwC) inked a deal to sell its U.S. public sector business unit to Veritas Capital Fund Management, L.L.C., a private equity firm. Post-deal, the business unit will be renamed and run as a separate company. PwC’s public sector business services U.S. federal government clients such as the Department of Defense, Homeland Security, Veterans Affairs, Health and Human Services and the State Department. The business unit also services local and state U.S. governments.

For the moment, Veritas Capital seeks to keep the current management in place.

Advisors

PwC was advised by Morgan Stanley. Davis Polk & Wardwell advised PwC. Veritas Capital was advised by law firm Schulte Roth & Zabel LLP.

Veritas Capital’s Activities

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HNA Sells 1.2% Stake in Hedged Investment in Deutsche Bank

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Chinese conglomerate HNA Group Co. sold off roughly a 1.2% stake in Deutsche Bank AG for around €300 million (US$ 374 million), reducing ownership down to 8.8%. HNA Group held the bank shareholding through Vienna-based asset manager C-Quadrat Investments AG, in which, HNA is a majority owner in. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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