The world's largest sovereign wealth fund tops 1 trillion for the first time

Get the Full StoryReuters Kai Pfaffenbach Reuters - The value of Norway's sovereign wealth fund officially hit 1 trillion early on Tuesday after outperforming all initial expectations, its manager said in a statement.

"I don't think anyone expected the fund to ever reach 1 trillion when the first transfer of oil revenue was made in May 1996," said Chief Executive Officer Yngve Slyngstad of Norges Bank Investment Management, which operates the fund.

"Reaching 1 trillion is a milestone, and the growth in the fund's market value has been stunning," he added.

A Reuters calculation, based on the fund's own live valuation on its website, had previously shown the fund hit the trillion-dollar mark on Sept. 12. Reporting by Terje Solsvik, editing by Nerijus Adomaitis NOW WATCH: Here are all the major changes coming to your iPhone September 19

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