In the 14 years that have elapsed since the oil fund was established as a department in Norges Bank, it has not been able to outsource the management of equity investments to finance houses in Oslo. There have been feeble attempts, but without success. Only three players, Sector, Storebrand and Union have tried. But it has yet to become anything more, due to the fact that the Norwegian players are too small.
If a norwegian trader where to take part in the management of oil money he or she has to get a job at NBIM, or apply to one of the 43 international companies that have contracts with NBIM. During the entire history of the Norwegian oil, location has been key. By requiring that contractors in the North Sea had to establish operations in Norway, the economy related to oil production flourished. Technology and skills was effectively secured in local communities around the country.
The equivalent, to require that the investment mandate of our oil money has to set up office in Norway is a thrilling idea in terms of development of the financial industry, but also for the the local economy in Oslo as a whole.
Magne Otterdal