OSLO: Norway's state pension fund has topped the UAE's Abu Dhabi Investment Authority (ADIA) to become the largest sovereign wealth fund in the world, a US consultancy said.
The fund, which contains nearly all state revenues from the oil sector in Norway, was worth $560.5 billion against the $342bn for the Abu Dhabi fund, consulting firm Monitor Group said in a report.
Comparisons between funds remain complicated as the ADIA does not give regular performance reports while the Norwegian fund publishes its results quarterly.
The SWF institute, which specialises in following sovereign wealth funds worldwide, gives widely different figures and in its June ranking valued the ADIA fund at $627bn, making it the largest in the world.
But according to Monitor Group, whose findings were reported by Norway's Dagens Naeringsliv business newspaper, the ADIA fund has plunged because of increased public spending which slashes new deposits, losses linked to the financial crisis and unsuccessful investments.
"Although having the world's largest fund is not an end in itself, it is always pleasant to see the fund grow," Norway's Finance Minister Sigbjoern Johnsen said, adding he wanted to make the Norwegian fund "the best managed fund in the world."