News

Would you like to help strengthen the financial sector in Tromsø? The Norwegian Parliament has passed the law establishing the State Fund in Tromsø, and recruitment for key positions at the new fund is now underway. The fund will start with a capital of NOK 15 billion, with the potential to double after gaining some experience.

The fund will invest in Nordic listed stocks not included in the reference index of the Government Pension Fund Norway. The fund's management capital is estimated to be between 15-30 billion Norwegian kroner.

Aleksander Lee Olsen (33) will assume the role of Communications Director on January 2, 2024, becoming a part of the executive team.

The Government Pension Fund Norway, which Folketrygdfondet manages, recorded a return of 2.84 per cent in the third quarter 2023. The capital amounted to NOK 340 billion at the end of the quarter.

Folketrygdfondet’s recommendation to the Ministry of Finance is that the potential new asset management unit in Tromsø should invest in those parts of the Nordic listed equities markets that are not included in the equity benchmark index for equities for the Government Pension Fund Norway (GPFN).

The Government Pension Fund Norway, which Folketrygdfondet manages, recorded a return of 0.89 per cent in the second quarter 2023. That corresponds to NOK 3 billion. The capital amounted to NOK 331 billion at the end of the quarter.

Remuneration of executive personnel and board composition were key issues this general meeting season. In total, we have voted against 77 board proposals this spring.

The Ministry of Finance has appointed Morten Borge as a new member of Folketrygdfondet’s Board of Directors. Siri Teigum has been reappointed as Chair and Tørres Trovik as board member, while Einar Westby and Trond Døskeland will leave the Board.

The return to the Government Pension Fund Norway (SPN), ownership follow-up and the proposal for a new asset management unit in Tromsø were among the issues discussed at the Storting’s annual hearing on the Government Pension Fund.

The Ministry of Finance has asked Folketrygdfondet to submit a proposal for a new asset management unit in Tromsø. ‘A vote of confidence in Folketrygdfondet’s track record as an asset manager,’ says Kjetil Houg, CEO of Folketrygdfondet.

Folketrygdfondet has beaten the market by 1 percentage point annually since 2007. "Our report on risk-adjusted return shows that this is not due to coincidence," says financial analyst Joakim Kvamvold.

The Government Pension Fund Norway, which Folketrygdfondet manages, recorded a loss of NOK 15 billion in 2022. The return was -4.4 per cent. The capital amounted to NOK 318 billion at year-end.

Karl CW Mathisen (44) will start as the new Chief Investment Officer Equities at Folketrygdfondet on 1 February 2023.