Norges Bank Investment Management FAQ

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Career Development
Compensation
Coworkers
Culture
Diversity And Inclusion
Management
Senior Leadership
Work Life Balance

3 English questions out of 3

10 March 2019

How are the career development opportunities at Norges Bank Investment Management?

Pros

Some very nice colleagues, reasonable work/life balance. Big budgets, not afraid of change or adopting new technologies (though this always takes time due to public sector procurement rules).

Cons

The leader group (until recently) consisted almost solely of middle-aged white Norwegian males interested exclusively in the fund’s performance. Any attempt to give focus to anything else – culture, leadership development, etc. - is railroaded by death-by-squiggly-graph performance presentations. Efforts at diversity & inclusion are purely lip service. Aggressive behaviour, sexism and poor performance in some cases tolerated/ignored. Currently no career path for technical experts resulting in a high number of poor line managers. Stubborn and blinkered senior management.

Currently no career path for technical experts resulting in a high number of poor line managers.

10 March 2019

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26 August 2019

What kind of career opportunities exist at Norges Bank Investment Management?

Pros

Good exposure to business

Cons

Small team, less benefits, slow in making changes

Advice to Management

more benefits, need more levels of growth

Good exposure to business

26 August 2019

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21 June 2019

What is the feeling of job security at Norges Bank Investment Management?

Pros

It is satisfying to not manage money for spoiled rich people - there is a higher goal here as the fund manages the savings of an entire nation. If you join NBIM you will work with smart people in the frontline positions. On the analyst, trader, portfolio manager level, there are many highly qualified and intellectual employees. Relaxed atmosphere in the Singapore and Shanghai. Hectic investment focused in NY offices. Stodgy quiet quality in London and sleepiness in Oslo. Good benefits - especially in Oslo.

Cons

The CEO runs the organization like the military sending orders down the line. While the CEO is visionary and brilliant, he also has flaws. He changes his mind frequently and have little tolerance for input that does not agree with his favored direction of the day. As a result he has surrounded himself with inept yes-people in the C-suite. This is particularly true for the 3 investment CIOs. One is a failed investor from the active equity arm of the fund, the second is an academic macro PhD with no understanding of asset management while the third has no core investment beliefs at all. Working in the organization is highly frustrating as all decisions are taken at the top by a CEO that is too far removed to have relevant information. Many decisions affecting us on the floor are made based on assumptions, rumors and partial knowledge. The yes people around him do not fill the information gap either due to incompetence or fear - I don’t know which. Anyway - the result is ever-changing directions and mixed signals to employees. The lack of trust in the leader-group is reflected every year in an annual survey (which does not lead to any changes) and saps morale. As midlevel management has no authority they are unable to make decisions on even the simplest questions. There is a lack of working together towards a common goal, a high degree of office politics and a substantial amount of back-stabbing to gain favor in a hierarchical organization where many managers are remote from their employees.

Advice to Management

The CEO is smart. Very smart. Hopefully he is smart enough to realize that he needs to replace the majority of the C level executives and delegate authority to the new ones. Entire organization long overdue for a reorganization.

The lack of trust in the leader-group is reflected every year in an annual survey (which does not lead to any changes) and saps morale.

21 June 2019

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3 English questions out of 3