Norwegian Government Petroleum Fund, Oslo, is searching for an unspecified number of specialist active equity managers to handle a total of $1.2 billion for its 547 billion kroner ($60.7 billion) reserve fund. Each portfolio will be at least $200 million, said Vegard Vik, senior portfolio manager-sector strategies for Norges Bank Investment Management, the funds internal money manager.
The fund decided to switch its specialist equity portfolios to active management; they have been passively managed by NBIM, Mr. Vik said.
The portfolio benchmarks will be based on the FTSE World index sectors and cover resources, basic industries, general industrials and utilities. Benchmarks for individual mandates will be regional or global, depending on the skills of the managers, which will be allowed an average tracking error of around five percentage points, said Mr. Vik.
RFPs are available electronically at www.nbim.ipe-quest.com. Proposals are due April 5.