Norges Bank Investment Management FAQ

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21 June 2019

How is management perceived at Norges Bank Investment Management?


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.


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.

As midlevel management has no authority they are unable to make decisions on even the simplest questions.

21 June 2019

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