UPDATE 1-Norway's oil fund to grow to $600 bln -c.bank gov

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SHANGHAI Nov 6 (Reuters) - Norway's oil fund, which invests the country's oil wealth, is expected to grow to $600 billion in four to five years from $350 billion currently, central bank governor Svein Gjedrem said on Tuesday.

The Government Pension Fund -- Global, commonly known as the oil fund and charged with investing Norway's oil-and-gas revenues for future generations, is one of the world's biggest pension funds and has expanded rapidly in the past few years as oil prices rallied to record levels.

Knut Kjaer, the head of the fund, said the fund plans to diversify its investments into real estate and private equity.

The fund received government permission in April to boost the proportion of its money invested in stocks to 60 percent from 40 percent.

Kjaer said eventually the fund wants to allot 10 percent to real estate and 5 percent to private equity. However, the central bank governor said that requires approval from Norway's finance ministry and parliament.

Kjaer said that the fund had no plans to invest in commodities or hedge funds.

The officials were in Shanghai to mark the launch of the fund's first office in Asia, which currently accounts for 20 percent of its assets under management globally.

"Shanghai is close to key Asian markets and China is the key driver for the Asian region. We also believe Shanghai is going to be a key financial centre in the future," Gjedrem said.

He also noted uncertainty in developments in the U.S. economy.

"A slowdown in the U.S. economy is likely but it's far too early to say how strong the slowdown will be. Also, the impact on the overall global economy is still uncertain," he said.