Giant Norwegian govt fund tenders corporate credit mandate

One of world’s largest RI proponents searches for US credit manager.

Norges Bank Investment Management (NBIM), the arm of the Norwegian Finance Ministry which runs the assets of the NOK2.8trn (€350bn) Government Pension Fund (NGPF), one of the world’s biggest responsible investors, is tendering for a US corporate credit mandate. The size of the mandate has not been disclosed. The giant sovereign fund is a signatory to the United Nations Principles for Responsible Investment, which means it aims to integrate ESG factors into its investment processes
The search for a US corporate credit manager is listed on the NBIM website, where the invitation to tender is listed under fixed income mandates.
A spokesperson for NBIM declined to gave further details.
The mandate looks to be a sign that the fund is seeking opportunities amid constrained corporate financingin the US in the wake of the credit crisis.
“The new mandate, if it will be established, will be integrated in the normal manner,” the spokesperson said. “At any point in time, we have a number of external mandates. They are all subject to our ownership policies, which apply to all our investments.”
Any hired managers would join Norges’ two current fixed income managers, BlackRock and Greylock Capital Management.
The Norwegian Government Pension Fund is one of the most prominent governance proponents in the world and owns 1% of the world’s listed equities. Its ownership activities focus on the equal treatment of shareholders, shareholder influence and board accountability, efficient markets, children’s rights, climate change and water management.