World’s largest sovereign wealth fund from Norway invests in Sri Lanka
ECONOMYNEXT – Norges Bank, the world’s world’s biggest sovereign wealth fund with about a trillion dollars invested in equities, fixed income securities and real estate has started to buy into Colombo-listed companies.
Norges Bank has bought 7.5 million shares in Textured Jersey Lanka Plc, a Colombo-based knit fabric maker with operations in the region, according to data released this week.
The fund started investing in TJL around September and is now the seventh largest shareholder.
Among other firms Norges Bank is believed to be buying into are a bank and a manufacturing outfit.
Norway’s Government Investment Fund Global, connected to the country’s central bank (Norges Bank) is the world’s largest sovereign wealth fund.
It manage oil revenues and invests long term outside the country to keep for a rainy day with 60 percent of the funds in equities. Its largest holding include firms like Nestle, Royal Dutch Shell and Google.
By end September 2015 the fund was valued at 7,019 Norwegian Kroner (1,035 billion US dollars).