The Norwegian Petroleum Fund, one of the biggest in the world, grew 3.2% in the three months to September 30 to Nkr 1.3 trillion (€150bn), thanks to a rise in Japanese and European equities and assets transferred from the Norwegian government.

The increase in assets resulted in new, specialist fixed income mandates being handed out to fund managers Babson Capital Management and Smith Breeden Associates, and five new equity mandates awarded to MFS Investment Management, Barrow Hanley Mewhinney & Strauss, Aberdeen Asset Management, NWQ Investment Management and Fidelity Pensions Management.