The $75bn (€76.5bn) Petroleum Fund in Norway has appointed Merrill Lynch Investment Managers, State Street Global Advisors and Lincoln Capital Management for enhanced indexed management of mortgaged-backed securities in the US.

The fund did not give further details of the mandates but usually appoints managers to run portfolios with a minimum size of $200m. The Petroleum Fund has over time switched entirely out of passive management and half the portfolio is now managed actively and the other half through enhanced indexing.