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End to face-to-face meetings halts the hiring of new managers at Norway's oil fund

Video conferencing has been a challenging method for first meetings with new managers, Norges Bank Governor and chair of Norges Bank Investment Management Øystein Olsen and NBIM chief executive officer Nicolai Tangen write.

Nicolai Tangen, CEO of the Norwegian sovereign wealth fund. Photo: REUTERS/Gwladys Fouche/File Photo

Norway's sovereign wealth fund has said the change to video meetings during the Covid-19 pandemic was more difficult with new external managers than it was with familiar faces, and not a single new investment firm won any of its prized mandates since the pandemic broke out, writes IPE.com.

In a letter to the Ministry of Finance, Norges Bank, which runs the Government Pension Fund Global via Norges Bank Investment Management (NBIM), says that all new mandates established since the outbreak of the virus have been awarded "to managers we had met face-to-face before the outbreak began."

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