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Norway Wealth Fund to Hand $60 Billion to External Managers

Norway’s $1.2 trillion sovereign wealth fund, the world’s biggest, is raising the cap on external managers after its new chief executive officer made clear he wants more outsiders to help oversee investments.

Starting next year, the Oslo-based fund plans to have external managers, including hedge funds, handle up to 5% of its portfolio, equivalent to just over $60 billion. That compares with 3.9% at the end of 2019, and about 4.4% in late October.