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External managers
The strategy for selecting external managers is derived from the objective of achieving the highest possible excess return. Important selection criteria in this connection are information advantage, portfolio composition and portfolio implementation.
NBIM hired the first external managers in January 1998, when the Government Pension Fund (former Petroleum Fund) began investing in the equity market through index managers. The first active equity mandates were appointed in December 1998, and NBIM has since regularly hired new managers, in fixed income since April 2000. We are willing to sponsor new products if we evaluate the quality of the analysts and portfolio manager as high, hence no performance record is necessary to apply for the mandates.
External equity managers, 31 December 2006
At the end of the year, 28 external equity managers with 45 mandates managed assets equivalent to NOK 271 billion.
Regional mandate:
- Aberdeen Asset Management
- Alliance Bernstein LP
- Altrinsic Global Advisors, GLB
- APS Asset Management Pte Ltd
- Atlantis Fund Management Ltd.
- BlackRock International Ltd.
- Capital International Ltd.
- Dalton Capital (Guernsey) Ltd. (FunNex)
- Fidelity Pensions Management
- Gartmore Investment Management PLC
- GLG Partners
- Intrinsic Value Investors LLP
- Legg Mason Capital Management Inc
- Massachussetts Financial Services Company
- NewSmith Asset Management LLP
- Primecap Management Company
- Scheer, Rowlett & Associates Investment Management, Ltd.
- Schroder Investment Management Ltd.
- Sparx Asset Management Co. Ltd.
- T Rowe Price Associates Inc.
- Tradewinds NWQ Global Investors LLC
- Wellington Management Company PLC
Sector mandates:
- BlackRock Capital Management Inc
- Columbus Circle Investors
- Janus Capital Management Ltd.
- Jupiter Asset Management Ltd
- OrbiMed Capital LLC
- Schroder Investment Management
- T Rowe Price Associates Inc
- Tradewinds NWQ Global Investors LLC
- Wellington Management Company
- WH Reaves & Co, Inc.
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External fixed income managers, 31 December 2006
At the end of the year, 22 external fixed income managers with 35 mandates managed total assets of NOK 126 billion
- Advantus Capital Mangement Inc
- Aspect Capital Ltd.
- Babson Capital Management LLC
- Barclays Global Investors N.A
- Bridgewater Associates Inc
- Daiwa SB Investments (UK) Ltd
- Delaware Investment Advisers
- Ellington Management Group, LLC
- European Credit Management Ltd
- Hyperion Capital Management Inc
- Insight Investment Management (Global) Ltd
- Lehman Brothers Asset Management LLC
- Morgan Stanley Investment Management
- Nomura Asset Management U.K. Ltd
- PanAgora Asset Management Inc.
- Pareto Partners
- Putnam Advisory Company LLC
- Smith Breeden Associates Inc
- State Street Global Advisors
- TCW Asset Management Company
- Greylock Capital Management LLC (fond)
- Smith Breeden Credit Partners LLC (fund manager)
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