When Norges Bank Investment Management (NBIM) was set up in January 1998, the sovereign wealth fund was given a mandate to start investing in equities. Today, Norges Bank Investment Management has published a review of its 20-year history of investing with external managers.

"The overall results have exceeded our expectations by a good margin. In the first 20 years, the excess return has been 1.8 percent annually after costs or EUR 4 billion (NOK 47 billion)," says CEO of Norges Bank Investment Management Yngve Slyngstad, who will soon be replaced by hedge fund entreprenuer Nicolai Tangen.