The ministry has a policy of regularly conducting broad reviews of the GPFG in the run up its annual report, which it presents to parliament around the end of March.As part of the review, the ministry will also commission two consultancy reports on management costs and responsible management activities in other large funds. McKinsey and Inflection Point Capital Management are to put these reports together.The ministry said it had also sent letters in June to Norges Bank asking for advice and assessments on these topics.The management review group includes Magnus Dahlquist, professor at the Stockholm School of Economics, and Bernt Arne Ødegaard, professor at the University of Stavanger.Dahlquist is also research fellow at the Centre for Economic Policy Research in London and at Network for Studies on Pensions, Ageing and Retirement in the Netherlands. Both he and Ødegaard have previously served on expert groups advising Norges Bank.The private equity group includes Trond Døskeland, associate professor at the Norwegian School of Economics, and Per Strömberg, professor at the Stockholm School of Economics. Norway’s ministry of finance has appointed two expert groups to review aspects of how its NOK7.7trn (€823bn) sovereign wealth fund invests.One group will look at the management of the Government Pension Fund Global (GPFG), analysing the performance of its active management. It will make a recommendation regarding whether the size of the fund’s relative risk budget – or expected tracking error limit – should be adjusted.The second group is to assess whether the fund should be allowed to invest in unlisted equities. Although Norges Bank Investment Management (NBIM) – part of the central bank Norges Bank and the fund’s manager – is already allowed to invest in unlisted real estate and in unlisted companies where that company intends to seek a listing, it cannot generally invest in private equity. The management review group is to submit its report by January 2018, the finance ministry said, while the private equity group has a December 2017 deadline for its report.
Northern Ireland Under-21s were downed 1-0 by a solitary first-half goal in their Euro 2015 qualifier in Belgium. After a slow start, Northern Ireland drew a couple of saves from Belgium goalkeeper Thomas Kaminski, Carl Winchester and Josh Carson both trying their luck. The hosts settled after that with Paul-Jose Mpoku, Thorgan Hazard and Yannick Ferreira-Carrasco coming into the game more but failing to work Connor Devlin. Indeed, the next shot on target came from Oldham midfielder Winchester after 42 minutes but he could not beat Kaminski. Instead, Belgium scored with their first real attempt on goal, Batshuayi firing home from Laurens De Bock’s assist moments before the interval. Dagenham’s Sean Shields replaced Kirk Millar at half-time, the first of three replacements alongside Jamie Reid and Paul McElroy, but Northern Ireland could not find an equaliser. James Gray saw his 56th-minute free-kick saved and soon after Batshuayi hit the woodwork. There were chances at either end for a second goal but it did not materialise, and with three minutes of added time on the clock Donnelly picked up a second yellow card. Press Association Standard Liege striker Michy Batshuayi grabbed the only goal of the game just before the interval to maintain his side’s 100 per cent record, while Fulham’s Liam Donnelly was sent off in injury time. Stephen Robinson’s side have now lost both of their Group Nine clashes but this represents a significant improvement on May’s 3-0 reverse in Cyprus.