Norway’s global pension gamble
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.
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