FED by its vast North Sea oil riches, Norway’s 10-year-old sovereign wealth fund, called the Pension Fund, has grown to more than $400 billion under management. It ranks as the world’s second-largest sovereign fund behind the $875 billion Abu Dhabi Investment Authority.
The Pension Fund is managed by the Central Bank of Norway, and only 4 percent a year goes into the country’s budget. Yngve Slyngstad (pronounced ING-vay SLING-stad), who became the fund’s chief executive in January, has witnessed firsthand how the market’s latest convulsions affect a fund of this magnitude.
Apart from its sheer size, the fund is most widely known for transparency and shareholder activism, which set it apart from its sovereign fund peers in the Middle East and East Asia. The interview was conducted two weeks ago. Mr. Slyngstad responded to a follow-up question on Friday via e-mail. That exchange is first, followed by excerpts from the interview.
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