NORWAY - Norges Bank, the banking group responsible for managing Norway's giant pension funds, has appointed Ernst & Young to tax advice related to global pensions assets.
Details of a contract notice reveal the consultancy firm is required to provide yearly tax reports and "notification services" concerning the central bank's tax position in the 43 financial markets it has placed pensions assets and foreign exchange reserves.
More specifically, Ernst & Young will be required to focus on the tax status of equity and fixed income assets and provide associated ad hoc advice.
It is especially important for its investment house - Norges Bank Investment Management - to have comprehensive tax information as the NOK1.932trn (€241.9bn) Norwegian Government pension fund invests all of its assets overseas and is now pushing for more active management. (See earlier IPE story: Norway fund pushes for more active management)
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