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The Norwegian Sovereign Wealth Fund's $92 Million Excel Error
FT Alphaville: Last year, Norway's $1.5tn sovereign wealth fund revealed that it had lost NKr980mn, roughly $92mn, on an error relating to how it calculated its mandated benchmark. Here's what Norges Bank Investment Management said at the time: "In February this year, a calculation error was discove...
FT Alphaville: Last year, Norway's $1.5tn sovereign wealth fund revealed that it had lost NKr980mn, roughly $92mn, on an error relating to how it calculated its mandated benchmark. Here's what Norges Bank Investment Management said at the time:"In February this year, a calculation error was discovered in the composition of the index we're measured against. It is a good example of how even tiny operational mistakes can have mammoth-sized consequences in nominal terms when you manage one of the world's biggest pools of capital.
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