Giant Norwegian wealth fund plans to increase UK investment

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Yngve Slyngstad says the UK will continue to be “significant” investment for Norway’s wealth fund

Norway’s giant state investment fund has said it will increase its investment in the UK.

The sovereign wealth fund, which has $1tn (£750m) to invest from Norway’s oil and gas income, is already one of the biggest investors in UK assets.

Its chief executive has said that it will continue to be a “significant” investor in the UK, despite Brexit.

The fund takes a long-term investment view of 30-years and expects its UK investment to rise over that period.

“We foresee that over time that our investments in the UK will increase,” Yngve Slyngstad said.

Commenting on whether the risks associated with the UK’s decision to leave the European Union on 29 March had affected the fund’s investment plans, he said: “With our time horizon, which is 30 years plus, current political discussions do not change our view of the situation.”

The fund is a co-owner of London’s Regent Street and is a big shareholder in UK based-firms including HSBC and BP.

It also invests in UK government debt.