The NOK800m (EUR 990m) Norwegian Larvik Kommunes Primæroppgavefond (Larvik local authority surplus fund) may be on the look out for a manager to oversee a NOK600m (EUR76m) domestic assets.
The entire fund - which also covers pension liabilities - is expected be worth NOK1.4bn by the end of September. Tor Sydnes, partner at Wassum Consulting in Bergen, which advised the fund, said the additional NOK600m will most likely be distributed unequally among the existing managers, but this is not confirmed.
He said: “Probably [the fund] would give portions to the chosen managers and just expand the volume to the managers and the funds they have chosen. But they haven't yet decided what to do with that money. “
He added that the fund had discussed the possibility of tendering for one manager for the Norwegian asset classes, but no decision would be reached until Q4.
Domestic assets are divided between Norwegian equity (40%), Norwegian fixed income (40%) and money markets (20%).
The fund has also reappointed Den Norges Bank Asset Management and Pareto Asset Management - each to NOK200m domestic balanced briefs. Five managers were shortlisted.
Larvik has also bought into three mutual funds - one fixed income and two global equity funds - to cover global assets.
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