NORWAY - The Norwegian Government Petroleum Fund (Statens Petroleumsfond) is setting up a new credit alpha team in London and is currently searching for portfolio managers.
The fund already operates its equities team out of London and its fixed income team is spread over New York, Oslo and now London.
Herleif Haavik, will head the new team which has an absolute return mandate and will focus on corporate structure arbitrage in a global market. The total alpha credit portfolio of the fund is worth $20bn.
Trading strategies of the team will include outright and spread positions in corporate securities and derivatives and will follow a corporate value, position-oriented, bottom-up approach, the fund said.
The fund is also considering investments in emerging market fixed income, following changes made to its list of eligible emerging market countries to include eight new countries for fixed income investments effective January 1, in the National Budget 2004
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