Norway’s sovereign wealth fund is made up of revenues from the country’s gas and oil sales.
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Norway’s sovereign wealth fund has investments worth 35.5 billion Swiss francs ($39 billion) in Switzerland, according to Norges Bank CEO Nikolai Tangen. UBS is the largest investor, owning less than 5% of Norges Bank.
Norway’s central bank, Norges Bank, also held shares in Credit Suisse (CS), but the company was acquired by UBS.
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“We reduced our stake just before the UBS acquisition, but we have not disclosed specific figures for the amount of the loss,” Tangen said in an interview. SonntagsZeitung “One thing is certain: we did not hold any AT1 bonds, so we did not suffer any losses on the CS bonds,” he said, according to the newspaper.
But, he added, “we clearly made mistakes in our investments.”
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But overall Tangen is pleased with his Swiss investments: “We like Swiss investments,” he said, adding that Switzerland has good companies, outstanding management teams and great international companies.
Norway has a total of $1.6 trillion under management, Tangen said. “Inflows in the first quarter of 2024 total NOK 100 billion (CHF 8.4 billion), the average for all quarters last year,” he said. The funds come from revenues from gas and oil sales by the Norwegian government.
Translated from German by DeepL/gw
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