Norges Bank Investment Management (NBIM) has said it is “all-in on artificial intelligence (AI)” in its updated strategy for 2026-2028.

NBIM, which is responsible for the management of the Government Pension Fund Global (GPFG), outlines five key areas in its Strategy 2028 – performance, technology, operational robustness, people and communications.

Within its technology section, the investment manager said it will be “at the forefront of applying responsible AI in asset management”.

“Our target is to cut manual processes in half so our people can focus on what matters most – generating returns,” it stated.

As part of this, it plans to create digital colleagues for routine tasks while developing AI solutions that execute complex analytical tasks and provide insights to enhance decision-making.

“We will continue automation of our real asset investment processes and use AI tools to reduce manual burdens, speed up operations, and reduce the risk of potential errors. We will work with our real asset partners to modernise industry processes.

“Data is one of our core assets and we will make our data platform more user- and AI-friendly,” it said.

However, it stressed that it recognises that “success depends on teamwork not technology alone”.

“Technology will augment our judgment, not replace it,” NBIM stated.

The new strategy builds on the revised plan for 2023-2025 and uses the fund’s attributes, such as its long-term investment horizon, scale, people, technology and data, as its starting point.

NBIM CEO, Nicolai Tangen, said the strategy sets out “how we will work to become the best and most respected large investment fund in the world”.

Regarding investment, the fund’s goal is to maximise returns after costs.

Its strategy lists its three main investment strategies: market exposure, security selection, and fund allocation, which it pursues across equities, fixed income, and real asset management.

NBIM said it will be honest about “what works and what does not”.

“We will implement systematic debriefs to learn from our successes and failures. We will build a culture where people feel safe to go against the crowd and create mechanisms to challenge consensus thinking.

“Good investment decisions depend on good information. By further integrating risk and performance data into our investment processes, we aim to make better decisions,” it stated.

It will continue developing its Investment Simulator to enhance investment decisions and provide feedback to portfolio managers.

“This tool will make portfolio managers increasingly aware of their behavioural strengths and weaknesses so they better incorporate these in their decision-making,” it stated.

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