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.
Norges Bank achieved an excess return of 0.09% compared with the return on the benchmark portfolio defined by the Ministry of Finance.
The Fund’s market value was NOK 1, 876 billion at the end of the quarter and the Ministry of Finance transferred NOK 93.4 billion in new capital, which was the largest quarterly transfer in the fund’s history.
Norges Bank attributed the rise in international equity markets as making the largest contribution to the pension fund’s return.
The NOK1,891bn Government Pension Fund recently said it would increase its equity allocation from 40% to 60% and divest from certain holdings on ethical grounds.
Minister of Finance, Kristin Halvorsen said: “We now believe this represents an appropriate trade off between expected risk and return.”
The Government also recently announced its intention to invest in small caps.
This would increase the number of companies and could provide diversification to give the fund a broader exposure to the equities universe.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.