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 Investments Krungsri Asset Management
Ajeej Capital Laurium Capital
Alaska Investimentos Lazard Asset Management
All Weather Capital Lynear Wealth Management
AM Advisors Maybank Asset Management
Amwal Capital Partners Mirabaud Asset Management
APS Asset Management Moneda Asset Management
Ashmore Investment Management Nabo Capital
ATRAM Trust Corporation Obafrica AM and La Financiere de l’Echiquier
B & P Asset Management  Old Mutual Investment Group
DSP Investment Managers Operadora GBM
BNY Mellon Investment Management Pacific Alternative Asset Management Company
BTG Pactual Asset Management Perennial Value Management
Capital International Limited Prosperity Capital Management
Cephei Capital Management PT Samuel Asset Manajemen
CIM Investment Management Quantum Advisors Private Limited
Cobas Asset Management Rasmala Asset Management 
Denali Prestige Asset Management Red Gate Asset Management
Dragon Capital Management Rheos Capital Works
East Capital Asset Management Rimon Z.Z Advisors
Ellerston Capital SAM Asset Management
ENAM Asset Management Schroder Investment Management
Esaliens TFI Sparx Asset Management
Fairtree Capital Specialised Research
Financiere Arbevel Springs Capital
Gondo Visio and Visio Capital Management Squadra Investments
Green Court Capital Management Templeton Asset Management
Harbour Asset Management Threadneedle Asset Management
Inocap Gestion Toesca
Ion Value Management Trigon Asset Management
Istanbul Portfoy Triton Asset Management
Kairos Partners Truston Asset Management
Karma Capital Advisors VIP Research & Management
Keel Capital Visio Capital Management
Keywise Capital Management Zeal Asset Management

Last saved: 27/02/2019

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