Norway SWF beats ADIA to top spot globally

Norway’s oil and gas funded sovereign wealth fund has beaten the Abu Dhabi Investment Authority fund to become the world’s biggest, according to figures estimating respective assets under management in October.

Norway’s Dagens Næringsliv, and the Middle East based Al Arabiya News both cite figures from the Sovereign Wealth Fund Institute.

These show the Norway’s Government Pension Fund Global had assets of $656.2bn in October, against assets of $627bn held by the ADIA.

Third quarter results from the Norwegian fund show that it returned 4.7% or NOK167bn over the period, as equities prices improved. Equity investments returned 6.5% over the period, and fixed income investments 2.2%. About half the equity exposure is to Europe, although the fund is altering its bond allocation away from Europe towards other regions, including government bonds issued by South Korea, Mexico and Russia.

It has also been increasing its property allocation.

As of June, a third of the world’s top 20 sovereign wealth funds are estimated to have been based in the Middle East.

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