The world's largest sovereign wealth fund has parted ways with bond giant Pimco as it seeks to overhaul its investment strategy.
The Norwegian Sovereign Wealth Fund pulled its money last year amid widespread investor concerns over underperformance at some of Pimco’s largest fixed income funds.
The loss of the fund as an investor is the latest blow for Pimco after it suffered record outflows from investors of around £100bn last year, shrinking money from external clients by six per cent, to £778bn.
Pimco has struggled to reassure investors since legendary manager Bill Gross left the California based company in 2014 for rival Janus Capital.
The oil fund pulled cash from a total of eight investment houses last year.
The Norwegian fund has also cut ties with scandal embroiled Brazilian bank BTG Pactual.