Norges Bank announces mandates for global tactical asset allocation
Norges Bank Investment Management is inviting external managers to submit a proposal for the management of portions of the Government Petroleum Fund. In this round, mandates for tactical asset allocation are being announced. The invitation has been published on the Internet (www.norges-bank.no), so that all interested managers may apply for mandates.
External managers are expected to focus on the choice of asset class (equities, bonds and cash), choice of country for equities, choice of country for bonds, choice of sector, and active currency positions as a source of excess return. Managers may invest in assets issued by countries included in the Petroleum Fund's benchmark portfolio (see the Petroleum Fund Regulation issued by the Ministry of Finance on 3 October 1997 and information on the Internet). Risk limits relative to the benchmark index will be specified. The size of the portfolios to be managed has not yet been decided, but mandates will involve a minimum of USD 200 million.
The deadline for submitting proposals is 9 April 1999.
For further information, please contact:
Morten Jensen, Chief Investment Officer, tel.: +47 22 31 62 94.
Press telephone: +47 21 49 09 30