(Bloomberg) -- Norway’s $1.7 trillion wealth fund is merging its real assets business area with equities from January to strengthen the management of both asset classes.
The adjustment will seek to bring together people with complementary expertise, Norges Bank Investment Management said in a statement Monday. The fund’s investment strategy across any of the asset classes will be unaffected and it plans to remain “an active real estate investor,” NBIM said.
Spokeswoman Marthe Skaar said by phone the move won’t result in job cuts.
The change comes after the world’s biggest single owner of listed companies returned 4.4%, or $76.4 billion, in the third quarter after broad equity gains. Created in the 1990s to invest Norway’s oil and gas revenues abroad, the fund is largely an index tracker.
The new unit will be renamed Active Strategies and will be led by the Co-Chief Investment Officers Equities, Daniel Balthasar and Pedro Furtado Reis, the fund said. Chief Investment Officer Real Assets, Mie Caroline Holstad, has decided to leave the fund, it added.
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