NBIM is the asset-management unit of the Norwegian central bank, Norges Bank. It manages the Government Pension Fund Global (often referred to as the Norwegian oil fund) and most of Norges Bank’s foreign exchange reserves. The Government Pension Fund Global is NBIM’s largest investment mandate and was set up in 1990 as a fiscal policy tool to support long-term management of Norway’s petroleum revenue. NBIM manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people.
The ministry determines the fund’s investment strategy, following advice from, among others, NBIM and discussions in Parliament. The fund invests in international equity, fixed-income markets and real estate. The aim is to have a diversified investment mix that will give the highest possible risk-adjusted return within the guidelines the ministry sets. The market value of the fund is NOK7.1 trillion ($895 billion). NBIM is an integrated global organisation with more than 340 employees from 27 countries. It has offices in Oslo, London, New York, Shanghai and Singapore.