Daily Management Review

Norway wealth fund director is stepping down


10/31/2019


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






Science & Technology

Apple to come up with AR glasses

WEF: Big data regulation becomes a problem

Israeli Firm Accused Of Spying By WhatsApp, Lawsuit Filed Against It

Google Used Quantum Computer To Solve Complex Problem

Mars Had Earth-like Salt Lakes

Study: AI is not as profitable as you might think

Porsche, Boeing set to develop flying electric car

Samsung to invest $ 11 billion in new generation displays

US is betting on Nokia and Ericsson to replace Huawei

UPS becomes first to receive full regulatory approval for UAV shipping in USA

World Politics

World & Politics

Vale hiding information about problems at Brazilian dams could result in death of 270 people

US Lawmakers Introduce Bill About Xinjiang Uygur Camps In China

European Council agrees to extend Brexit again

Pressure From China Forces Maserati To Dissociate From Film Awards Event In Taiwan

China to replace Hong Kong's Carrie Lam

Iran warns of new reduction in nuclear deal liabilities

Dominican Republic lost $ 200 million because of scandal with tourists death

France: We will take measures to protect our military in Syria