OSLO: Norway's state pension fund has topped the United Arab Emirates' 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 (387.1 billion euros) against the $342 billion for Abu Dhabi's fund, consulting firm Monitor Group said in a report dated June 7. 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 specializes in following sovereign wealth funds worldwide, gives widely different figures and said in its June ranking valued the ADIA fund at $627 billion, 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."
