Norway

NORWAY - The Norwegian Government Pension Fund achieved a 1.5% return in the first quarter - however a stronger krone in relation to the investment currencies reduced the portfolio's market value by NOK 27.6bn.

The NOK1,891bn Government Pension Fund said it would increase its equity allocation from 40% to 60% and divest from certain holdings on ethical grounds.

NORWAY - The Norwegian Government Pension Fund has divested NOK4m (US$0.6m) from South African DRD Gold Limited because of ethical concerns.

NORWAY - The Organisation for Economic Cooperation and Development (OECD) was amongst those warning Norway that yesterday's pension reforms would not alleviate unsustainable drains on the country's US$295bn fund.

NORWAY - The 28 external managers for the Norwegian Government Pension Fund equity portfolio lost NOK6.1bn (€757m) over 2006, missing their benchmarks for the first time since the fund's inception.

NORWAY - Norges Bank Investment Management (NBIM), the manager of Europe's largest pension fund, has appointed Espen Klitzing as CFO and deputy CEO.

NORWAY - Global - the Norwegian Government Pension Fund - funded three fixed income and four equity mandates in a record-breaking third quarter that saw it surpass ABP as Europe's largest pension fund.

NORWAY - The NOK 2.1bn (€250m) Oslo Pensjonsforsikring (OPF) has appointed Northern Trust to provide custody services for its global fixed income portfolio, managed by investment manager Rogge Global Partners.

FRANCE - The €29.1bn French Pensions Reserve Fund, Fonds De Reserve Pour Les Retraites (FRR) has dropped Société Générale Asset Management (SGAM) from a €331.5m US mid-cap equities mandate for performance reasons.

NORWAY - The head of the NOK1.5trn (€180bn) Norwegian Government Pension Fund (Global) has cautioned against excessive investment risk, after proposals were made to increase the fund's equity allocation to 60% of the portfolio.