Norway's sovereign wealth fund, the Government Pension Fund Global, reached nearly 3,100 billion Norwegian kroner (about 574 billion U.S. dollars), making it the world's biggest such fund, Norwegian-language newspaper DN reported on Friday.
It was the first time the fund had been in top spot since it started 15 years ago, the newspaper said, quoting analysis by the U.S. Monitor Group.
The Monitor Group report said the previous leader, the UAE sovereign wealth fund under the Abu Dhabi Investment Authority, was relegated to second place due to its poor investment returns and high public expenditure.
Norwegian Finance Minister Sigbjoern Johnson said it was always good to see the fund growing, although it had no goal to be the largest.
The minister said his goal was to make the pension fund the best managed one.
The Norwegian parliament, Stortinget, passed legislation in 1990 to establish a Petroleum Fund, which was renamed the Government Pension Fund Global in January 2006.
Source: http://news.xinhuanet.com
It was the first time the fund had been in top spot since it started 15 years ago, the newspaper said, quoting analysis by the U.S. Monitor Group.
The Monitor Group report said the previous leader, the UAE sovereign wealth fund under the Abu Dhabi Investment Authority, was relegated to second place due to its poor investment returns and high public expenditure.
Norwegian Finance Minister Sigbjoern Johnson said it was always good to see the fund growing, although it had no goal to be the largest.
The minister said his goal was to make the pension fund the best managed one.
The Norwegian parliament, Stortinget, passed legislation in 1990 to establish a Petroleum Fund, which was renamed the Government Pension Fund Global in January 2006.
Source: http://news.xinhuanet.com
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