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February 28, 2022updated 23 Mar 2022 1:03pm

Norway to scrap Russian assets from $1.3trn wealth fund over Ukraine invasion

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by GlobalData
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Norway is moving to drop Russian assets from its $1.3trn sovereign wealth fund in response to Russia’s military attack over Ukraine, reported Bloomberg.

The government is planning to freeze Russian holdings in the fund and offload them in due course, Norway Prime Minister Jonas Store told reporters.

According to the country’s finance minister Trygve Vedum, Norges Bank Investment Management had about $2.8bn (NOK25bn) in Russian assets at the end of the year.

Vedum said: “We want to give a very clear and unequivocal response that the type of abuse we have seen in recent times cannot be accepted and it is therefore natural for Norway to withdraw its investments from the Russian market.”

The Oslo-based fund was set up in the 1990s to invest Norway’s oil and gas revenue in foreign countries.

Since 2004, the fund has struck to strict ethical guidelines, including a ban on some weapons, tobacco, and most exposure to coal.

It currently manages a portfolio of about 9,000 stocks in publicly traded companies.

Line Aaltvedt, a spokeswoman for the fund, told the news agency that the fund is freezing its account holdings in Russia and it will neither buy nor sell Russian assets.

It is expected to collaborate with the ministry to make a plan to sell out of Russia, she said.

The timeline for the exit was not disclosed.

As of the end of 2020, the fund’s major equity holdings in Russia were inSberbank of Russia, Gazprom, a state-controlled multinational energycompany, and petroleum firm Lukoil.

Free Report
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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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