Norges Bank builds 5% stake in Perpetual

The news: Norges Bank, which manages the world’s biggest sovereign wealth fund, has taken a stake in investment manager Perpetual.

The numbers: Norges Bank now holds 6.04 million shares, equating to a 5.28% stake in Perpetual, according to its filing with the ASX. The shares were acquired between August and December.

Norges bank has about $2,510 billion in assets under management.

The context: Perpetual agreed to sell its corporate trust and wealth management businesses to private equity giant KKR earlier this year, turning it into a pure play funds management business.

The investment management giant has faced a few turbulent years, which has included top management changes, the acquisition of rival Pendal, and a rejected takeover bid from its largest shareholder Soul Patts.