OSLO, Oct 26 (Reuters) - Norway’s $970 billion sovereign wealth, the world’s largest, will continue to increase its stock market exposure despite recent volatility, Chief Executive Yngve Slyngstad told reporters on Friday.
Norway’s parliament has decided that the fund’s equity investments should increase to 70 percent of its portfolio. It currently stands at 67.6 percent.
“We are prepared for market turmoil. We don’t see it as a problematic situation. We need to increased our equities stake to 70 percent from 60 percent as we are mandated, but there is no hurry,” CEO Yngve Slyngstad told reporters. (Reporting by Gwladys Fouche, editing by Terje Solsvik)