Newsletters
Norges Bank Investment Management (NBIM), which manages the world’s largest sovereign wealth fund, is seeking a new manager in Türkiye after ending its mandate with a portfolio firm following a regulatory fine against a senior executive over improper share trades, according to a report.
The Oslo-based fund stopped working with local asset manager Istanbul Portfoy in November, where roughly $600 million had been managed on its behalf, people familiar with the process told Bloomberg.
The termination came after a decision by Türkiye’s Capital Markets Board to penalize one of the firm’s managing partners for transactions described as creating a misleading picture of supply, demand and price in two listed stocks in late October 2025, the report said. Sources said the fund viewed the regulatory ruling and the lack of early disclosure about the case as grounds to cut the relationship.
They also added that the transactions that led to the fine were not connected to the Norwegian fund’s assets and were handled outside the portfolios assigned to that mandate.
In December, several Turkish asset management companies received short-notice invitations from the fund to meet its representatives and present their capabilities, the report said. At least three firms submitted proposals outlining how they would manage the assets locally, and a selection decision is expected within the first months of this year.
Norges Bank Investment Management’s global equity holdings reached $1.5 trillion across 70 countries, increasing 17.19% from $1.28 trillion the previous year, while more than 100 external managers collectively oversee about $102 billion for the fund worldwide.
In Türkiye, the fund held stakes in 79 listed companies at the end of 2025 with a total value of $1.72 billion, marking a 9.55% rise from $1.57 billion invested across 44 stocks a year earlier.
Its total investment portfolio rose to $2.1 trillion in 2025, up 20% from a year earlier.
Set as preferred source
Set as preferred source
1 min read
1 min read
