The NKr523bn (&euro65bn) Norwegian Petroleumfund has more than halved its proportion of equities managed externally to 24% this year. The fund's in-house expertise is continuing to develop in such areas as socially responsible investment (SRI), although occasional outsourcing still takes place.

The fund has cut the proportion of equities managed externally from 51% after taking large tranches of passive funds in-house. Around 94% of fixed-income funds, representing 60% of overall assets, are already managed internally.