Norway’s sovereign wealth fund, the world’s largest, gained 692 billion kroner ($115 billion) last year as stocks rallied, forcing it to pare its equity holdings for the first time ever to comply with risk mandates.
Norway needs to ease control over its $810 billion sovereign wealth fund to allow it to pursue greater returns, according to the head of the Liberal Party, which supports the minority government in parliament.
Norway Finance Minister Siv Jensen said the nation’s $820 billion wealth fund should pursue the highest returns amid opposition demands that the investor place more focus on ethics and the environment.
Norway’s $660 billion sovereign wealth fund, the world’s largest, returned 4.7 percent last quarter as global stock markets recovered after central banks from the U.S. to Japan stepped up efforts to stimulate growth.
The chief executive officer of Norway’s $570 billion sovereign wealth fund said the European Monetary Union, which consists of 17 countries sharing the euro currency, will survive amid increasing doubts that Greece will avoid becoming the first member to default on its debts.