News
Norges Bank Gains $53B in First Quarter
Norges Bank Investment Management gained $53B, or 5.3%, in the first quarter on the back of a stock surge driven by the European Central Bank's fiscal policy shifts. The world's largest sovereign wealth fund saw its stock portfolio jump 7.5%. Real estate climbed 3.1%. Chief executive Yngve Slyngstad said that policy pivots by the ECB had become the driving force behind market movements. The growth rate surpassed the fund's annualized 4% goal. Norges last week announced it had acquired KTF Capital Partners for $6B in a joint venture with Prologis. It plans to broaden its portfolio, with a focus on infrastructure investment.
