Norwegian pension fund seeks managers for Greek and Italian small caps, midcaps

Government Pension Fund Global, Oslo, is searching for managers to run small-cap and midcap investments in Italian and Greek stocks, according to the website of Norges Bank Investment Management, which manages the 3.59 trillion kroner ($591 billion) fund.

The fund is also searching for managers to run smidcap strategies in Germany and France, according to the website.

Mandates posted on the fund's website are open processes and have no deadlines. More information is available by sending an e-mail to at the fund.

Yngve Slyngstad, NBIM CEO, said in August that the fund had been buying small-cap stocks in debt-burdened European countries.

Small-cap stocks in Europe have outperformed large-cap stocks in the region over the past decade and continue to be attractively valued, according to equity managers.

The fund's external managers currently invest almost exclusively in small-cap developed markets and smidcap emerging markets equities, and fund officials were advised in December 2010 to make “proactively contrarian” opportunistic investments.

Dag Dyrdal, global head of external relations, could not be reached for further information.