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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 322 billion kroner, or 3.9 percent of its capital, under external management at the end of 2018, compared with 451 billion kroner at the start of the year. A total of 81 mandates were managed externally by 70 organisations. These included 63 country-specific mandates for investments in emerging and frontier equity markets, 18 country-specific mandates for investments in small-capitalisation companies in developed equity markets.

External managers as at 31 December 2018

Abax InvestmentsKrungsri Asset Management
Ajeej CapitalLaurium Capital
Alaska InvestimentosLazard Asset Management
All Weather CapitalLynear Wealth Management
AM AdvisorsMaybank Asset Management
Amwal Capital PartnersMirabaud Asset Management
APS Asset ManagementMoneda Asset Management
Ashmore Investment ManagementNabo Capital
ATRAM Trust CorporationObafrica AM and La Financiere de l’Echiquier
B & P Asset Management Old Mutual Investment Group
DSP Investment ManagersOperadora GBM
BNY Mellon Investment ManagementPacific Alternative Asset Management Company
BTG Pactual Asset ManagementPerennial Value Management
Capital International LimitedProsperity Capital Management
Cephei Capital ManagementPT Samuel Asset Manajemen
CIM Investment ManagementQuantum Advisors Private Limited
Cobas Asset ManagementRasmala Asset Management 
Denali Prestige Asset ManagementRed Gate Asset Management
Dragon Capital ManagementRheos Capital Works
East Capital Asset ManagementRimon Z.Z Advisors
Ellerston CapitalSAM Asset Management
ENAM Asset ManagementSchroder Investment Management
Esaliens TFISparx Asset Management
Fairtree CapitalSpecialised Research
Financiere ArbevelSprings Capital
Gondo Visio and Visio Capital ManagementSquadra Investments
Green Court Capital ManagementTempleton Asset Management
Harbour Asset ManagementThreadneedle Asset Management
Inocap GestionToesca
Ion Value ManagementTrigon Asset Management
Istanbul PortfoyTriton Asset Management
Kairos PartnersTruston Asset Management
Karma Capital AdvisorsVIP Research & Management
Keel CapitalVisio Capital Management
Keywise Capital ManagementZeal Asset Management

Last saved: 27/02/2019

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