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Norwegian pension fund takes hit
17 August 2010
€1.1bn hit to Norwegian pension fund reveals potential scale of UK pension funds losses on BP
In the wake of the Deepwater Horizon oil spill in the Gulf of Mexico, the Norwegian Government Pension Fund Global today announced a loss of €1.1bn on its 1.75% stake in oil giant BP, prompting further fears for the impact on UK pension funds.
Typically, UK pension funds have 1.5% of their assets (or 6% of their equity investments) in BP, making BP an enormously important stock. UK pension funds have already been financially hit by the decision to suspend...
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