The Nkr140bn (Ecu22bn) Norges Bank-managed Norwegian Government Petroleum Fund has appointed a string of active equity managers, after a rigorous 10-month selection process .
The managers, each managing a minimum of $50m (Ecu60m) have been named as Mercury Asset management (UK equities), Capital International, Gartmore and Storebrand (European equities) and Fidelity (Pacific equities ex Japan).
Knut Kjaer, executive director of Norges Bank Investment Management, says: We had 260 applications for the mandates, and underwent a complex tender procedure using databasesand a variety of consultants to select managers."
The fund is also in the process of selecting around four active global bond managers from over 80 applicants, expecting to make a decision in the first quarter of 1999. Further work is in progress to choose equity managers for Japan and the US."