Tag Archives: Oil Fund

Bloomberg: CEO of Norway’s Wealth Fund Has Too Much Cash for Banks

Norway’s banks can’t absorb the hundreds of millions of dollars in cash that the new CEO of the country’s wealth fund needs to deposit as part of an agreement he struck to allow him to take on the role.

Nicolai Tangen, who started running the world’s biggest sovereign investor last month, agreed to liquidate his personal fund investments and place the proceeds in bank deposits as part of his contract. The intention was to ensure that the former hedge fund manager wasn’t exposed to any conflicts of interest through his holdings.

Tangen’s bank deposits represent almost 8 billion kroner ($862 million), the Oslo-based wealth fund said on Thursday.

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Institutional Investor: Why Did a Hedge Fund Manager Worth $700 Million Take a $630,000-a-Year Job Managing an Oil Fund?

At 3:00 in the afternoon on Thursday, November 14, a small group of the world’s most powerful people prepared to board two chartered airplanes in two separate European capitals.

They were headed for Philadelphia for a weekend-long event that had been several years in the making for its creator, Nicolai Tangen, the Norwegian founder of one of Europe’s most successful hedge funds, London-based AKO Capital.

“You are all exceptional,” Tangen wrote in the program for the event. “You all want to extend your range and open your minds. But, like me, you may not always have sufficient time in your daily lives to do this, which is why I have had to whisk you away to learn not only from some of the world’s most inspiring speakers and professors, but also from each other.”

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Reuters: Norway wealth fund, Prologis in $2 bln real estate acquisition

OSLO, Nov 25 (Reuters) – Norway’s sovereign wealth fund and property investment group Prologis Inc have agreed to jointly buy a $1.99 billion logistics real estate portfolio, Norges Bank Investment Management (NBIM) said in a statement.

“The portfolio consists of 127 properties located across multiple U.S. markets, including Southern California, San Francisco Bay Area, Seattle and Dallas,” it added.

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Bloomberg: Norway’s $1.1 Trillion Wealth Fund to Deepen Climate Risk Work

Norway’s $1.1 trillion sovereign wealth fund plans to expand its work on assessing climate risk, from pushing for better company reporting to expanding flood analysis for its real estate assets.

The Norwegian fund, the biggest of its kind, already has a variety of instruments to measure how climate change may affect demand, spur regulation or physically damage assets. It has cut a large part of its exposure to coal production and also follows ethical guidelines for its investments that incorporate climate and environmental standards.

Read entire article HERE.

Bloomberg: Here’s What Lawmakers Want to Do With Norway’s $1 Trillion Fund

Key lawmakers gave a nod to a range of changes for Norway’s $1 trillion sovereign wealth fund — from divesting some of its oil stocks, to an overhaul of its fixed-income holdings and tighter restrictions on coal investments.

But even after one of the most eventful years in the fund’s history, more change could be coming, documents from parliament’s Finance Committee revealed.

As the committee as expected late on Tuesday approved the government’s plans ahead of a vote in parliament, opposition politicians made a series of proposals and comments that show what the world’s biggest wealth fund may have in store in the years ahead, maybe even as soon as after the 2021 election.

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Reuters: Norway’s wealth fund extends ownership of New York real estate

Norway’s sovereign wealth fund will pay about $98 million dollars to extend the term of its ownership in a portfolio of New York properties and to acquire a few new, the fund said on Wednesday.

“The partnership between Norges Bank Investment Management (NBIM), Trinity Church Wall Street and Hines has extended the remaining 72-year ownership interest in the Hudson Square portfolio in New York City to a 99-year term,” it said in a statement.

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Bloomberg: Oil Divestment List for Norway’s $1 Trillion Fund Isn’t Final

Figuring out exactly which oil companies Norway is targeting for divestment wasn’t easy last week when the government made its historic announcement. It turns out no one knows precisely yet.

After revealing it would allow its $1 trillion wealth fund to sell out of $7.5 billion in upstream oil and gas companies, the government disseminated two separate lists of potential targets: one with 134 companies and one with 150 companies.

The lists also included many refiners and petrochemical groups and would be at odds with the decision to only exclude “upstream” companies. The government now concedes that the actual work to single out divestments remains to be done

Read entire article HERE.