The $30bn (e33.3) Norwegian Government Petroleum Fund has awarded three new bond mandates to external managers following an open tender process.
Bridgewater Associates, Morgan Stanley Dean Witter and Norwegian investment manager Gjensidige have picked up the briefs, which – like the fund itself – will be benchmarked against Salomon Smith Barney World Government Bond Index, but include the fund’s individual weighting, duration and country selections
Jens Petter Olsen, acting head of fixed-income at the fund says details of the amounts involved are not disclosed as fund policy, but he notes that the fund is currently invested to a 40% level in equities and 60% in fixed income. Much of the bond exposure is managed in-house.
He adds: “ The inflow to the fund is so huge that it is a bit difficult to tell whether it is new money or not.”