Norway's Central Bank (Norges Bank) Investment Management (NBIM) which manages the Norwegian Government Pension Fund Global will open an office in Singapore to expand its operations.
NBIM, which is already located in Oslo, London, New York and Shanghai, says in a press release that the aim is to expand in Asia’s fast-growing markets.
“Asia is of increasing importance to NBIM. The move into China two years ago helped us form new business contacts and find new investment opportunities in an important market,” says Yngve Slyngstad, NBIM’s chief executive officer. “The next step into Singapore will further strengthen our operations in this region.”
As one of Southeast Asia’s financial hubs, Singapore offers new investment opportunities and proximity to many emerging markets. Its diverse population and international business community also provide a valuable recruitment pool for NBIM. The Singapore office will primarily focus on investment and trading activity in the region, complementing the office NBIM opened in Shanghai in November 2007.
The Government Pension Fund Global was worth more than 2,700 billion kroner at the start of May. Almost 10 percent of the fund’s assets were in Asian countries including Singapore, China, Japan, South Korea, Malaysia and Thailand at the end of 2009.
“NBIM has grown fast since its inception in 1998 and become a global organisation with about 250 employees and investments in 70 countries,” Slyngstad says.
(Press release)
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