NORWAY - The Government Pension Fund Global has made its first investment in real estate since it received the okay to invest in property in March.
The fund will pay £448m (US$730m) to buy a 150-year lease on a 25% stake in The Crowne Estate's Regent Street properties in London, the fund said today.
In March, the Ministry of Finance directed the sovereign wealth fund to invest up to 5% of its assets in property, while reducing its allocation to fixed income.
But the NOK2.9trn ($507bn) fund is still searching for ways to diversify its ever-expanding assets. In October it asked to be able to invest in private equity and infrastructure. The Ministry of Finance said it would comment on the proposal in the spring.
The fund also said it returned 7.2% in the third quarter on the back of gains in the global stocks and bond markets. Equity investments returned 9.8% while fixed income returned 3.4%.
Officials at the Global fund said the best performing stocks for the quarter were BP, Telefonica and Royal Dutch Shell.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.