External mandates

Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed and in-depth analysis of specific markets and companies.

We award investment mandates to external equity managers with expertise in specific markets. The mandates are in markets and segments where it is not expedient to build internal expertise and the potential for excess returns is considerable. The mandates typically cover investments in emerging markets and small-capitalisation companies in developed markets.

The fund had 523 billion kroner, or 4.2 percent of its capital, under external management at the end of 2021, compared with 512 billion kroner at the start of the year. A total of 98 mandates were managed externally by 89 organisations. These included 70 country-specific mandates for investments in emerging and frontier equity markets and 28 mandates for investments in developed equity markets.

External managers as at 31 December 2021

Manager name
Abax Investments
Ajeej Capital
Akaris Global Partners
Alaska Investimentos
Algebris Investments
AM Advisors
Amwal Capital Partners
Anthilia Capital Partners
APS Asset Management
Ashmore Investment Management
ATRAM Trust Corporation
Azimut Asset Management
B & P Asset Management 
Barrier Capital Management
Bestinver Gestión
BNY Mellon Investment Management
Brasil Capital Adviser
BTG Pactual Asset Management
Celeste Fund Management
Cephei Capital Management
Compass Group
Dragon Capital Management
DSP Investment Managers
East Capital Asset Management
Eastspring Investments
Ellerston Capital
ENAM Asset Management
Fairtree Capital
Falcom Administradora General de Fondos
Financiere Arbevel
First Beijing Investment
Green Court Capital Management
Halcyon Research
Harbour Asset Management
Insignis TFI
Introspect Capital
Ion Value Management
Ipopema TFI
Istanbul Portfoy
IvyRock Asset Management
KAF Investment
Kairos Partners
Karma Capital Advisors
Keywise Capital Management
King Wai Asset Management
Kiron Capital
Krungsri Asset Management
Laurium Capital
Lupus alpha Asset Management
Lynear Wealth Management
Maybank Asset Management
Meitav Dash Portfolio Management
Moneda Asset Management
Navi Capital
Nicholas Investment Partners
NZS Capital Jupiter Asset Management
Oyster Catcher Investments
Pascal Investment Advisers
Perennial Value Management
Perseverance Asset Management
Philequity Management
Prosperity Capital Management
PT Samuel Asset Manajemen
Quantum Advisors Private Limited
Red Gate Asset Management
Rheos Capital Works
River Capital
SAM Asset Management
Sanlam Investments
Santa Lucia Asset Management
Santander Asset Management
Schroder Investment Management
Sparx Asset Management
Springs Capital
SPSW Capital
Squadra Investments
Stony Point Capital
Talis Asset Management
Templeton Asset Management
Threadneedle Asset Management
TISCO Asset Management
TRG Management
Trigon Asset Management
Triton Asset Management
Twenty Acre Capital
Vinci Partners
VIP Research & Management
Visio Fund Management
Zeal Asset Management

Last saved: 18/02/2022