Norway’s global pension gamble

Yngve Slyngstad. Photo: Norges Bank.

Yngve Slyngstad. Photo: Norges Bank.

Yngve Slyngstad likens his first year in the job to that of steering a supertanker through what others have described as a “perfect storm”, characterised by tight access to credit, falling asset values and soaring commodity prices.

By Jorn Madslien – Business reporter, BBC News

He always knew it would be a challenge, though he had not been prepared for exactly how choppy the waters would be.

It all came to a head earlier this month when it was revealed that Mr Slyngstad’s fund suffered a loss of more than $90bn last year.

The loss was so big, it wiped out pretty much everything Norway’s so-called oil fund had made since it started investing Norway’s oil and gas earnings in the global financial markets 12 years ago. 

To read the entire article on BBC News, click here.

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