$21,607 IF Jack b. Lay, CFO
$21,420 IF Giorgio Zampieri, CFO
$21,316 IF George Culmer, CFO
$21,000 PF Gary r. dokes, CIO
$20,492 PF robert L. borden, CeO & CIO
$20,319 SWF Olaug svarva, CeO
$20,287 IF John M. Matovina, CFO & treasurer
$20,262 PF Marc boeykens, Chairman of the board
$20,048 PF Gretchen tai, CIO
$19,986 PF dr thomas Liebi, CeO (interim)
$19,900 PF ann s. Fuelber, executive director
$19,758 PF alcinei Cardoso rodrigues, executive Manager
$19,377 PF robin diamonte, CIO
$19,345 IF dae sub Chi, CeO
$19,338 IF Wu yan, Chairman, risk Management and Inv. Committee
$19,181 PF thomas C. nyhan, executive director
$18,957 PF Jean-Pierre steiner, CeO nestle Capital advisors
$18,873 PF brad holzberger, CIO
$18,854 PF Ignacio alvarez, CIO
$18,844 PF dr. Jürgen Großmann, CeO
$18,667 PF n/a
$18,625 PF n/a
$18,525 PF Lorrie tingle, CIO
$18,487 PF n/a
$18,409 PF n/a
206 Qbe Insurance Group
207 Fairfax Financial
208 unilever*
209 australian super
210 Public employees’ retirement system of nevada
211 utah state retirement systems
212 northrop Grumman
213 InG st. Psf.*
214 rGa (reinsurance Group of america)
215 Cattolica assicurazioni
216 rsa Insurance Group
217 arizona state retirement system
218 south Carolina retirement system
219 Government Pension Fund (norway)
220 american equity Investment
221 Zilverfonds*
222 hewlett-Packard
223 bvK des Kantons Zurich
224 employees’ retirement system of texas
225 Petros*
226 united technologies
227 samsung Fire & Marine
228 PICC Property & Casualty
229 teamsters, Central states*
230 nestle
231 Qsuper
232 aFP Cuprum*
233 rWe*
234 Japanese Pension Mechanism
235 Kommunernes*
236 Public employee retirement system of Mississippi
237 bank of america
238 banamex*
COUNTRY
switzerland
australia
Canada
u.K.
australia
u.s.
u.s.
u.s.
netherlands
u.s.
Italy
u.K.
u.s.
u.s.
nor way
u.s.
belgium
u.s.
switzerland
u.s.
brazil
u.s.
south Korea
China
u.s.
switzerland
australia
Chile
Germany
Japan
denmark
u.s.
u.s.
Mexico
Government Pension Fund (Norway)
assets: $20,319 million
The nomenclature can be confusing. The
Government Pension Fund (Norway), formerly
the National Insurance Scheme Fund, or
Folketrygdfondet in Norwegian, is distinct from
the Government Pension Fund (Global), formerly
the Government Petroleum Fund, or Statens
pensjonsfondutland. Further confusing the
situation is the fact that, with their funding source
and liabilities, both funds mirror the sovereign
wealth model much more than the pension one.
While both are the product of oil revenues, their
investment philosophies diverge drastically:
Whereas the latter is known throughout the
asset management world as the $465 billion
activist investor controlling upward of 1% of
the world’s equity markets, the former is more
a homebody, investing almost solely in the
domestic market. It’s like a less popular brother—
but still one with impressive clout.
219
Not surprisingly, considering their size and differing
mandates, the funds are managed separately.
While the Global Fund is managed by Norges Bank
Investment Management, the Norway Fund falls
under the purview of the Folketrygdfondet, with
asset allocation guidelines provided by the Ministry
of Finance. “The Pension Fund shall be invested
in an equity and fixed income portfolio according
to the following distribution: Equity instruments
50-70 %; Interest-bearing instruments 30-50%,”
states Regulation No. 1228 of November 2007. The
Regulations go on to state that 80% to 90% of the
capital must be invested in Norway—a far cry from
the global mandate of the fund’s larger brother.
So, it’s acceptable to be confused about the
labels being applied to the Norwegian sovereign wealth system. Just don’t be confused
about the immense clout both wield at home,
and abroad.
