The Norwegian Government Pension Fund has awarded an equity mandate to Spanish boutique, Bestinver, Citywire reports. The Spanish group has been selected by the fund’s management group, Norges Bank Investment Management (NBIM), which until now managed its Spanish exposure in-house. Madrid-based Bestinver is run by fund manager, Francisco Paramés, who oversees funds including eurozone equity-focused Bestinfond, Spanish fund, Bestinver Bolsa, and globally-focused Bestinver Internacional. The Norwegian pension fund invested €5.5 billion in Spain at the end of 2010, with its main holdings being Telefonica, BBVA and Banco Santander.
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