Norges Bank appoints external portfolio managers
Norges Bank has entered into agreements with ABN AMRO Asset Management (UK) in London and Goldman Sachs Asset Management in New York to outsource the management of parts of the foreign exchange reserves to these institutions.
ABN AMRO Asset Management will manage a fixed income portfolio for a total value of DEM 150 million. The portfolio can be invested in instruments denominated in Deutsche Mark, French franc, pound sterling, Dutch guilder, Belgian franc, Danish krone, Swedish krona and ECU.
Goldman Sachs Asset Management will be responsible for managing a fixed income portfolio for a total value of USD 100 million. The portfolio can be invested in instruments denominated in American and Canadian dollars.
The purpose of the agreements is to provide Norges Bank with a suitable tool for comparing the Bank's own financial management and that carried out by international managers, and to establish closer cooperation with such institutions.
The management companies will assume responsibility for these portfolios as from Friday 17 January 1997.
Norges Bank has also concluded an agreement with the Bankers Trust Company regarding cusotdy services and performance analysis associated with external management.
Contact:
Press telephone: +47 21 49 09 30
Email: presse@norges-bank.no