NBIM to open in Singapore
Norges Bank Investment Management (NBIM), the manager of the $435.5 billion Norwegian Government Pension Fund, has announced plans to open a Singapore office to complement its current Asian presence in Shanghai.
According to NBIM, the Government Pension Fund now has almost 10% of its assets in Asia, some $43 billion. The fund does not currently invest in private equity, but recently gained a mandate to invest up to 5% of its assets in real estate, hiring Karsten Kallevig, former head of Grove International Partners’ Tokyo office, as head of its real estate team. NBIM cited Singapore's advantages in providing access to neighboring emerging markets, as well as the recruitment potential from its business community, as important factors in its choice of venue. “Singapore’s highly developed economy and infrastructure make it an excellent place to expand,” said Yngve Slyngstad, NBIM CEO.
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