Global slump wipes out Norway sovereign fund gains

Posted by 7Star Thursday, March 12, 2009

Norways state pension fund, one of the worlds biggest investors, lost 71.5 billion euros last year on its portfolio, wiping out nearly a decade of returns, the central bank said on Wednesday. The central bank said the funds holdings tumbled 633 billion kroner (71.5 billion euros, 90.5 billion dollars) in value last year as the global financial crisis took a heavy toll.

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