Norway's largest asset manager, Storebrand, is relocating its 58 Norwegian funds to Sweden, citing better tax conditions and competitive advantages.

CEO Jan Erik Saugestad stated the move is necessary to meet customer demands and maintain progress.

This decision follows similar actions by other firms, raising concerns about Norway's financial sector losing jobs and expertise to Sweden.

Politicians like Nikolai Astrup from the Conservative Party have criticized the move, calling it a significant loss for Norway's finance industry.

The Norwegian government has made recent regulatory changes to address industry concerns, but companies argue these efforts are insufficient.

Storebrand's relocation highlights ongoing challenges in retaining financial operations within Norway.