Norges Bank Investment Management today announced it will search for an unspecified number of active regional large-cap equity managers to run a total of $5.5 billion for the $75 billion Norwegian Petroleum Fund, Oslo, said Yngve Slyngstad, NBIM head of equities. The mandates, worth at least $250 million each, will cover Europe, the U.K., Japan, Australia and the Americas. This will be the first time the fund will hire specialist large-cap equity managers for the Americas and Australia, he said.
The mandates will be funded from new money coming into the plan, Mr. Slyngstad said. Existing external equity managers will be allowed to bid.
Proposals are due June 14. Further details can be found at nbim.ipe-quest.com.