World’s Biggest Wealth Fund Seeks One Dark Pool to Cut Costs
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Norway’s $890 billion wealth fund is taking the rare step of publicly criticizing the proliferation of dark pools, arguing the world’s biggest investors only need one such platform.
“There’s a rent extraction from all these intermediaries,” Oeyvind Schanke, head of the fund’s asset strategies, said in a telephone interview on Friday. “We are trying to advocate that we need to bring some of this back to where we started by getting the participants to meet, creating a utility that’s there for the sake of transacting institutional-sized blocks.”