The Asset Management Department

Published under: Stoltenberg's 2nd Government

Publisher Ministry of Finance

The Asset Management Departmentis responsible for the Ministry’s work on the Government Pension Fund. The work on strengthening the management of the funds is central to the Ministry of Finance and the department's responsibilities include investment strategy for the funds, evaluation of the operational management by Norges Bank and the National Insurance Scheme Fund, and development and implementation of ethical guidelines for the Government Pension Fund Global.

The Asset Management Department is headed by Director General Pål Haugerud, and was established in September 2006.

The Department is responsible for the Ministry’s work on the Government Pension Fund. The Government Pension Fund is comprised of the Government Pension Fund Global (previously the Government Petroleum Fund) and The Government Pension Fund Norway. The Ministry is responsible for these funds, and the operational management is delegated to Norges Bank (the central bank of Norway) and the National Insurance Scheme Fund, respectively.

The work on strengthening the management of the funds is central to the Ministry of Finance, and that is why the Asset Management Department was established. The department's responsibilities include investment strategy for the funds, evaluation of the operational management by Norges Bank and the National Insurance Scheme Fund, and development and implementation of ethical guidelines for the Government Pension Fund Global.

The ambition of the Ministry of Finance is for the Government Pension Fund to be the best managed fund in the world.