Expert group assessing the management of the GPFG

The Ministry of Finance has appointed an expert group to assess Norges Banks management of the Government Pension Fund Global (GPFG). The group is comprised of professor Magnus Dahlquist at the Stockholm School of Economics and professor Bernt Arne Ødegaard at the University of Stavanger.

The Ministry of Finance regularly conducts broad reviews of the management of the GPFG, last time in 2014 when an expert group comprised of Ang, Brandt and Denison prepared a report on the active management of the GPFG. In accordance with this, the Ministry has started a new broad review, including appointing an expert group to assess the strategies employed by Norges Bank in the management of the Fund and analyse the performance of the active management of the Fund. The expert group shall prepare a report that will be referred to in the annual white paper to Parliament in the spring of 2018.

The expert group is to submit its report by January 2018.

Mandate for the expert group

As part of the review of the management of the GPFG, the Ministry of Finance has asked for analysis and assessments from Norges Banks in a letter dated 14 June 2017.

Link to the letter to Norges Bank (in Norwegian)

As part of the review the Ministry of Finance will also commission two consultancy reports on management costs and responsible management activities in other large funds. These reports will be prepared within general agreements with McKinsey and Inflection Point Capital Management (IPCM).

More on the members of the expert group

Magnus Dahlquist is a professor at the Stockholm School of Economics and Research Fellow at the Centre for Economic Policy Research (CEPR) in London and at Network for Studies on Pensions, Aging and Retirement (NETSPAR) in the Nederland. He received his PhD in Economics from the Institute for International Economic Studies at Stockholm University in 1995. His research interests include asset management, asset pricing and international finance. He was a member of the expert group that in 2015 advised the board of Norges Bank on principles for performance evaluation and risk reporting.

Bernt Arne Ødegaard is a professor at the University of Stavanger. He received his PhD in finance from the Carnegie Mellon University in the USA. His research interests includes empirical finance and market microstructure. He was a member of the expert group that in 2015 advised the board of Norges Bank on principles for performance evaluation and risk reporting.