The Alternative Data Podcast The Norges Bank (NBIM) Episode
Feb 7, 2025
Mark Thompson, lead analyst at Norges Bank Investment Management (NBIM), shares insights into the operations of Norway's sovereign wealth fund. He discusses the challenges of managing $1.7 trillion and the importance of integrating alternative data into research. Mark reveals how the team evolved from outsourcing surveys to leveraging in-house analyses and bespoke datasets. He highlights the significance of LLMs for processing historical data and improving corporate engagement. Finally, he emphasizes the need for collaboration in data-driven investing.
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Norway's Huge Long-Term Wealth Fund
- Norges Bank Investment Management (NBIM) manages about $1.7 trillion as Norway’s sovereign wealth fund built from oil taxes.
- The fund is long-term and generational, with small annual withdrawals tied to fiscal needs.
Career Path To Data-Driven Investing
- Mark Thompson began as a sell-side analyst at Morgan Stanley in 2005 and evolved into using data-driven research over his career.
- He built skills in surveys and alternative data through roles at Third Bridge and Barclays before joining NBIM.
Lean Central Research Hub
- NBIM's primary research team supports many sector PMs with a small core team of analysts and data scientists.
- Work ranges from long multi-year projects to short ad-hoc analyses driven by PM hypotheses.