Norway's sovereign fund hits $1 trillion

Dienstag, 19. September 2017 10:23

Growth has been "stunning" and the Government Pension Fund Global's value reached $1 trillion on Tuesday for the first time, said Yngve Slyngstad, chief executive officer in Norges Bank Investment Management. The investment vehicle controlled by the central bank of Norway on behalf of the Ministry of Finance hit the milestone overnight.

Portfolio managers explained the sum was hit as the dollar has substantially weakened this year against other currencies in the fund’s benchmark indices for equities and bonds. "I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996," Slyngstad added. The entity is financed with income from the nation's oil industry. 

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