Norway’s trillion-dollar fund pushes portfolio companies to diversify boards
Companies with less than 30% board representation will need to take action on diversity, NBIM said
Norwegian hedge fund manager and philanthropist Nicolai Tangen is seen in Oslo on May, 28 as the central bank of Norway (Norges Bank) invites to a press conference on the employment agreement for a new CEO of Norges Bank Investment Management. (Photo by Hk006fn Mosvold Larsen / NTB Scanpix / AFP) / Norway OUT (Photo by HAKON MOSVOLD LARSEN/NTB Scanpix/AFP via Getty Images) Getty Images By Monday February 15, 2021 2:18 pm
Norway’s sovereign wealth fund, which has more than $1.3tn in assets under management, has said its portfolio companies must increase diversity on their boards.
Financial News
An Audience With Patrick Thomson: ‘The office isn’t dead. You can’t manage people with algorithms’
‘As a leader, you have to be even more visible at a time of crisis. You are reminded you are managing human beings’
Patrick Thomson expects there will be more consolidation coming Danilo Agutoli for FN By Monday January 25, 2021 7:14 am
Patrick Thomson achieved what most people tried and failed to do during the first national lockdown: he took up a new hobby.
The boss of JPMorgan s European asset management business has arguably made a wise choice with his new pastime, one which will demonstrate to his clients and fund management peers that he has taken environmental, social and governance issues to heart.
Financial News
GAM forecasts loss after ‘very challenging’ 2020
The expected net loss comes as GAM said the final three months of 2020 saw its investment management business post net inflows, the first positive flows since the beginning of 2018 By Monday January 18, 2021 11:00 am
GAM, the Swiss asset manager which has struggled to stem investor outflows since sacking of star fund manager Tim Haywood two years ago, has said withdrawals from its funds are slowing but that it expects to report a loss for last year.
The Zurich-headquartered firm said the forecast net loss of CHF380m for 2020 was the result of an impairment charge of almost CHF378m reported in June, relating to goodwill created by the acquisition of GAM by Julius Baer and UBS.