Norges Bank Investment Management manages the Norwegian Government Pension Fund Global, often referred to as the Oljefondet, NBIM or Statens Pensjonsfond Utland (SPU). The aim of the fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources so that this wealth benefits both current and future generations of Norway. Our objective as manager of the fund is to generate the highest possible return on the fund. We aim to achieve this in a safe, efficient, responsible and transparent manner, and within government guidelines. We have offices in Oslo, London, New York and Singapore. Our global presence brings us closer to the markets we invest in and ensures stronger links with partners in different parts of the world.
Norges Bank Investment Management details its aggressive AI adoption strategy, revealing that achieving a 20% efficiency target required mandatory company-wide upskilling, painful data infrastructure overhauls, and shifting from traditional Scrum teams to small AI-enabled autonomous units.
Christine Lagarde warns that today's combination of AI-driven technological disruption and geopolitical fragmentation mirrors the 1920s, creating risks of financial instability and conflict. She argues Europe must accelerate its green transition, confront difficult trade-offs between social benefits and defense spending, and fiercely protect central bank independence to navigate unprecedented economic uncertainty.
At NBIM's inaugural Risk Summit, executives from the world's largest sovereign wealth fund explain how they navigate an era where 'stability has never been more unstable,' employing AI-enhanced monitoring and rigorous scenario planning to manage intertwined geopolitical, counterparty, and emerging technology risks.
Swiss Re CEO Andreas Berger explains how the world's largest reinsurer manages global risk through diversification across life, property, and corporate lines, while emphasizing that population growth in catastrophe-prone areas—not just climate change—is driving record insurance losses and requiring a fundamental shift toward prevention and public-private partnerships.
Zalando co-founder Robert Gentz recounts launching the company during the 2008 financial crisis with just €100,000 and a culture of extreme frugality, then scaling rapidly to €1.2 billion revenue within four years through a selection-driven flywheel model that now serves 60 million European customers and leverages AI and logistics infrastructure to power both consumer experiences and B2B services.
Reid Hoffman argues that AI represents the most significant technological platform shift in our lifetimes, surpassing previous cycles in speed and societal impact, and warns that organizations must aggressively deploy AI tools now while navigating risk aversion and geopolitical threats to Western innovation dominance.
Givaudan CEO Gilles Andrier reveals how the world's largest fragrance and flavor company combines neuroscientific principles with artistic creativity to serve B2B clients, while navigating the tension between consumer testing data and bold innovation in a market being reshaped by Gen Z self-expression trends.
Capital Group CEO Mike Gitlin details how the firm's employee-owned structure and unique 'Capital System'—where analysts invest real capital and multiple portfolio managers collaborate—enables genuine long-term investing across $3.2 trillion in assets, positioning active management to capitalize as markets broaden beyond concentrated passive benchmarks.
Mala Gaonkar, founder of SurgoCap Partners, details her concentrated investment strategy focused on identifying rare businesses with durable competitive advantages across four verticals, emphasizing that every company is a technology business and that small teams combined with data science create an edge in identifying how legacy technologies disrupt traditional industries.
UniCredit CEO Andrea Orcel argues that European banks must achieve scale through consolidation and transform their business models using AI to survive, shifting from rigid 3-year plans to adaptive management in an era of volatility, while positioning banks as the essential 'gasoline' to finance Europe's industrial competitiveness.
Arista Networks CEO Jayshree Ullal discusses how the company captured 21% of the AI data center networking market by building reliable 'information highways' for GPU clusters, while warning that power constraints—not technology—are the critical bottleneck limiting AI infrastructure expansion today.
Norges Bank Investment Management reported a 15% return in 2025, reaching a record value of over 25 trillion Norwegian kroner, driven by a concentrated AI-led equity rally. However, the fund warns of unprecedented concentration risk—with the top 10 holdings now representing 20% of the equity portfolio—and has published stress tests showing potential 37% losses in a 'fragmented world' scenario.