Daily Management Review

Norway wealth fund director is stepping down


Yngve Slyngstad, Head of the organization managing the Norway Wealth Fund, decided to resign. This is stated in the quarterly report of the fund. He will remain in office until he finds a successor.

Norges Bank
Norges Bank
Once he resigns, Yngve Slyngstad plans to continue working in the fund and to invest in the fund’s money in non-listed companies operating in the field of renewable energy. He has worked in the fund since 1998 and headed it in January 2008.

The Norwegian State Fund is the largest in the world in terms of assets. In the III quarter of 2019, it received investment income in the amount of 1.59%, or NOK 236 billion ($ 25.6 billion) due to the appreciation of American stocks.

Income from equity investments amounted to 1.27%. Shares of US companies, which account for 40% of investments, showed growth of 2.9%.

The return on investment in bonds amounted to 2.36%, investment in real estate - 3.1%.

About 69.1% of the fund’s funds at the end of the third quarter were invested in shares, 28.2% - in fixed income assets, 3.9% - in real estate.

The largest shares in the fund are those of Microsoft, Apple, Nestle and Alphabet, and in bonds - state bonds of the USA, Japan and Germany.

The value of the fund’s assets for the third quarter increased by $ 62.8 billion (largely due to fluctuations in the Norwegian currency) and exceeded $ 1.05 trillion; the fund owns approximately 1.4% of all shares in the world.

The fund was established in 1990. It is managed by Norges Bank Investment Management (NBIM). In global markets, the state fund operates through the Government Pension Fund Global. The fund invests primarily outside the country so as not to spur inflation in Norway.

source: reuters.com