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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 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
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