Norway’s $1 trillion sovereign wealth fund, the world’s largest, is betting on the UK — regardless of how badly Brexit turns out
Norway’s $1 trillion sovereign investment fund said it will invest in the UK regardless of Brexit.
“We foresee that over time our investments in the UK will increase,” chief executive Yngve Slyngstad told Reuters.
The Norwegian fund is already a significant investor in the UK, with investments of about 709 billion Norwegian kroner (£62.5 billion; $83.1 billion).
The world’s largest sovereign wealth fund is looking beyond the near-term negatives of Brexit and betting on the UK for the future, it said yesterday.
Norges Bank Investment Management — the Norwegian sovereign wealth fund, which is worth around $1 trillion — said Wednesday that it expects to increase its investments in the UK over time, with its CEO pointing to the fact that it takes investment decisions based on a 30-year plus-time horizon.
“We will continue to be significant investors in Britain. We foresee that over time our investments in the UK will increase,” chief executive Yngve Slyngstad told Reuters Wednesday.
“With our time horizon, which is 30 years-plus, current political discussions do not change our view of the situation,” he added, speaking on the day the fund reported a total asset value decline of more than 6% for 2018.
The Norwegian fund is already a significant investor in the UK, with investments totalling around 709 billion Norwegian kroner (£62.5 billion; $83.1 billion) in the country.
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Its annual report showed that roughly 8.5% of its stock portfolio is made up of UK equities. That places the UK as its third largest equity portfolio, behind the US and Japan.
In previous years, the UK has been second on the list, but Slyngstad put this drop down to “a strengthening of the yen against …read more
Source:: Business Insider