OSLO — Norwegian Petroleum Fund issued RFPs for at least one manager to run a total of up to $500 million in U.S. core small-cap equities and sector portfolios, said Poul Henrik Poulsson, scheme spokesman. The $101 billion plan will fund the move from new cash, Mr. Poulsson said; no changes to existing managers are expected. There is no deadline for the searches, he said; each application will be assessed on a first-come, first-served basis. About 80% of the fund's assets are managed in-house. The scheme, which is managed by Norges Bank Investment Management, does not use an external consultant.
MONTREAL — CDP Financial, a wholly owned subsidiary of the C$133 billion (US$98 billion) Caisse de Depot et Placement du Quebec floated its first issue of C$180 million of commercial paper. The issue is part of the subsidiary's C$3 billion Canadian-market commercial paper program for 2003.
Institutional fund managers don't see much value in world equity markets and no longer have any excess cash to put to work, according to the Merrill Lynch Global Fund Managers' Survey for June. Half of the 270 fund managers participating in the survey see world stock markets as fairly valued, reversing 12 straight months in which a majority of fund managers described equities as cheap, the survey found. In addition, 66% of respondents now believe the equity market to be overbought in the short term.
Survey respondents have a total of $561 billion under management.