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Norwegian wealth fund to increase its allocation to external managers

The oil fund wants to allocate more money to external managers after "fantastic" performance.

Trond Grande, the oil fund's deputy chief executive officer. | Photo: PR / NBIM

Norway's sovereign wealth fund, the world's biggest, wants to allocate a larger chunk of its USD 1.3trn portfolio to external asset managers, describing their performance so far as "fantastic."

The Oslo-based investor already raised its allocation target for external asset managers at the end of last year, bringing it to 5 percent from just under 4 percent. It will now "increase that somewhat", up to 6 percent, according to Trond Grande, the fund's deputy chief executive officer.

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