Stop Calling All Wealth Funds Sovereign: Father of Norway’s Fund
Knut Kjaer
Photographer: Henrik Kreilisheim/Bloomberg
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The founding chief executive of Norway’s $1.8 trillion sovereign wealth fund has some advice for countries seeking to emulate his success: words matter.
“Today there are many different kinds of funds, managed in many different ways,” said Knut Kjaer, who ran Norges Bank Investment Bank from 1998 to 2007. “What is the same is the name — sovereign wealth fund — but they are all so different that the name itself becomes a bit meaningless.”