25.01.2010 - Norway's largest fund rejects passive management
From Top1000funds.com: A complete evaluation of active management including reports by Mercer and an international group of professors, has resulted in the Norges Bank Investment Management, manager of the $375 billion Government Pension Fund-Global, staunchly favouring active management, with the bank’s Governor and executive director of the NBIM describing “a passive, uninformed approach to operational decisions is an alternative without a sound theoretical or practical justification”. In a letter to Norway’s Ministry of Finance the governor of Norges Bank, Svein Gjedrem, and executive director of NBIM, Yngve Slyngstad, said after 12 years of active management the experience has been largely positive with the annualised excess return relative to the benchmark portfolio currently standing at 0.22 per cent....................Full Article: Source