Norway’s sovereign wealth fund, the world’s biggest, is hamstrung in competing for talent with the rest of the investment industry. As a public institution, it faces what it calls “barriers to remuneration.” In other words, it can’t pay its stars what they would earn working at a hedge fund. But a study just published celebrating 20 years of active management suggests the fund has found other ways to attract and retain portfolio managers.
The Norwegian fund had 246 employees whose pay is tied to investment performance, according to its 2020 annual report. Their average compensation last year was about