Norway’s oil fund ranks second among its peers

Unlike its Middle Eastern peers, Norges Bank Investment Management, the investment arm of Norway’s sovereign wealth fund has never been one for massive recruitment drives, but new figures suggest that the fund remains a major player on the global stage.

The Sovereign Wealth Fund Institute has just released its latest fund rankings, and Norway’s Government Global Pension Fund – Global remains in second place behind the Abu Dhabi Investment Authority. It has $611bn in assets, according to the rankings, which is up from $608bn in previous league tables.

The first quarter has been a decent one for Norway’s oil fund, which delivered a return of 7.1% - or $40.7bn – on the back of investments in US, European and Asian stocks.  This follows a 2.1% return for the same period last year, and a negative 2.5% return for the whole of 2011.

We’ve mentioned previously that late last year it was hiring for economist and risk roles, and now it appears to have shifted its attention to the front office. It currently has a vacancy for a portfolio manager in New York, looking at allocation strategies for emerging market debt, and also has an opening for a data analyst in Oslo.