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Norway's sovereign wealth fund celebrates "stunning" $1 trillion value

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Norway's sovereign wealth fund celebrates "stunning" $1 trillion value

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OSLO (Reuters) – The value of Norway’s sovereign wealth fund officially hit $1 trillion (740 billion pounds) early on Tuesday after outperforming all initial expectations, its manager said in a statement. “I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996,” said Chief Executive Officer Yngve Slyngstad of Norges Bank Investment Management, which operates the fund. “Reaching $1 trillion is a milestone, and the growth in the fund’s market value has been stunning,” he added. A Reuters calculation, based on the fund’s own live valuation on its website, had previously shown the fund hit the trillion-dollar mark on Sept. 12.

(Reporting by Terje Solsvik, editing by Nerijus Adomaitis)
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