It is already the world’s biggest pension fund with more than $230bn in assets. By the end of the decade it confidently expects to be $500bn in size, dwarfing any other investment fund on earth. And this huge stash of cash is run from a fourth-floor office in a nondescript building down an Oslo side street. What is more, its manager, Knut Kjaer, a former academic, has quietly outperformed most professional fund managers on Wall Street and in the City who earn 10, or even 20 times, his £200,000-a-year salary. Mr Kjaer is a Norwegian civil servant. His job is to manage the country’s petroleum revenues and, as Norway is the world’s third largest oil exporter, the money is gushing in.
Guardian Unlimited Business | | Behind the world’s biggest pension fund