| The board of Norway's central bank is introducing an extra layer of supervision for the country's sovereign wealth fund, which will need to seek approval for all property deals over US$250 million, the bank said on Tuesday. For the first time, the US$860 billion wealth fund, the world's largest, will need approval for some of its most valuable property deals. Property represents 2.7 percent of its total value, which it wants to increase to five percent.
The fund, which invests Norway's revenues from oil and gas in stocks, bonds and property, will now need to approval from a new investment committee for deals over US$250 million. Deals worth more than US$1 billion will need the approval of the board of the central bank. Until now, the fund's management, led by chief executive Yngve Slyngstad, decided on its own...............................................Full Article: Source
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