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 389 billion kroner, or 3.9 percent of its capital, under external management at the end of 2019, compared with 322 billion kroner at the start of the year. A total of 83 mandates were managed externally by 74 organisations. These included 66 country-specific mandates for investments in emerging and frontier equity markets, 17 country-specific mandates for investments in small-capitalisation companies in developed equity markets.

The fund's externally managed investments were worth  389 billion kroner at the end of 2019.

External managers as at 31 December 2019

Abax Investments
Ajeej Capital
Alaska Investimentos
Algebris Investments
All Weather Capital
AM Advisors
Amwal Capital Partners
APS Asset Management
Ashmore Investment Management
ATRAM Trust Corporation
Azimut Asset Management
B & P Asset Management 
BNY Mellon Investment Management
BTG Pactual Asset Management
Cephei Capital Management
CIM Investment Management
Cobas Asset Management
Compass Group
Denali Prestige Asset Management
Dragon Capital Management
DSP Investment Managers
East Capital Asset Management
Eastspring Investments
Ellerston Capital
ENAM Asset Management
Esaliens TFI
Fairtree Capital
Financiere Arbevel
Green Court Capital Management
Harbour Asset Management
Insignis TFI
Introspect Capital
Ion Value Management
Ipopema TFI
Istanbul Portfoy
Kairos Partners
Karma Capital Advisors
Keel Capital
Keywise Capital Management
Krungsri Asset Management
Laurium Capital
Lazard Asset Management
Lynear Wealth Management
Maybank Asset Management
Mirabaud Asset Management
Moneda Asset Management
Nabo Capital
Obafrica AM and La Financiere de l’Echiquier
Old Mutual Investment Group
PAAMCO Prisma
Perennial Value Management
Perseverance Asset Management
Prosperity Capital Management
PT Samuel Asset Manajemen
Quantum Advisors Private Limited
Red Gate Asset Management
Rheos Capital Works
SAM Asset Management
Schroder Investment Management
Sparx Asset Management
Specialised Research
Springs Capital
Squadra Investments
Talis Asset Management
Templeton Asset Management
Threadneedle Asset Management
Toesca Asset Management
Trigon Asset Management
Triton Asset Management
Truston Asset Management
Vinci Partners
VIP Research & Management
Visio Fund Management
Zeal Asset Management

Last saved: 27/02/2020