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World's biggest wealth fund adds USD 8 billion to external mandates

Norway’s sovereign wealth fund, the world’s biggest, has this year added more than USD 8 billion to the pot of money that’s overseen by external managers, according to its chief executive officer.

Nicolai Tangen, who spoke at a parliamentary hearing in Oslo on Friday, revealed the figure after lawmakers questioned him on his plan to rely more on outside asset managers, including hedge funds, to help oversee the sovereign investor’s vast USD 1.1 trillion portfolio. Photo: Tony Colli/PR

Nicolai Tangen, who spoke at a parliamentary hearing in Oslo on Friday, revealed the figure after lawmakers questioned him on his plan to rely more on outside asset managers, including hedge funds, to help oversee the sovereign investor’s vast USD 1.1 trillion portfolio.

The 54-year-old CEO, a former hedge fund manager who’s been running Norway’s wealth fund since September, told Bloomberg earlier this month he’s keen to step up reliance on external managers because he thinks it’s a strategy that can “generate a significant surplus return.”

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