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 deep understanding of companies and local market dynamics. We expect they will enhance returns and reduce our exposure to companies with ESG issues. The mandates typically cover investments in emerging markets and small-capitalisation companies in developed markets.
The fund had 569 billion kroner, or 4.6 percent of its capital, under external management at the end of 2022, compared with 523 billion kroner at the start of the year. A total of 107 mandates were managed externally by 100 organisations.
External managers as at 31 December 2022
| Manager name |
| Abax Investments |
| Ajeej Capital |
| Akaris Global Partners |
| Alaska Investimentos |
| Algebris Investments |
| AM Advisors |
| Amwal Capital Partners |
| Anthilia Capital Partners |
| Anvil Wealth Management |
| APS Asset Management |
| Areca Capital |
| Ashmore Investment Management |
| ATRAM Trust Corporation |
| Azimut-Kaan |
| B & P Asset Management |
| Barrier Capital Management |
| BlackRock Investment Management |
| BNY Mellon Investment Management |
| Brasil Capital Adviser |
| Hawksbill Investors |
| BTG Pactual Asset Management |
| Celeste Fund Management |
| Cephei Capital Management |
| CERES Dom Inwestycyjny |
| Coeli European |
| Compass Group LLC |
| Dragon Capital Management |
| DSP Investment Managers |
| East Capital Asset Management |
| Eastspring Investments |
| Ellerston Capital |
| ENAM Asset Management |
| Fairtree Capital |
| Falcom Administradora General de Fondos |
| First Beijing Investment |
| Forton Partners |
| Gavilan Investment Partners |
| Green Court Capital Management |
| Harbour Asset Management |
| High Ground Investment Management |
| Insignis TFI |
| Introspect Capital |
| Ion Value Management |
| Ipopema TFI |
| Istanbul Portfoy |
| IvyRock Asset Management |
| KAF Investment |
| Kairos Partners |
| Karma Capital Advisors |
| Kernow Asset Management |
| Keywise Capital Management |
| Kiron Capital |
| Krungsri Asset Management |
| Landseer Asset Management |
| Laurium Capital |
| Lupus alpha Asset Management |
| Lynear Wealth Management |
| Manchester Global Management |
| Maybank Asset Management |
| Meitav Dash Portfolio Management |
| Metzler Asset Management |
| Moneda Asset Management |
| Navi Capital |
| Neuberger Berman |
| Nicholas Investment Partners |
| NZS Capital |
| Oyster Catcher Investments |
| Pascal Investment Advisers |
| Perennial Value Management |
| Perseverance Asset Management |
| Philequity Management |
| Prosperity Capital Management |
| PT Samuel Aset Manajemen |
| Quantum Advisors Private Limited |
| Red Gate Asset Management |
| Rheos Capital Works |
| Ryo Gestao de Recursos |
| Sancta Capital Advisors |
| Sanlam Investments |
| Santa Lucia 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 |
| Trivista Capital |
| Twenty Acre Capital |
| ValueQuest Investment Advisors |
| Vinci Partners |
| VIP Research & Management |
| Visio Fund Management |
| Zeal Asset Management |
Last saved: 23/02/2023
