Pension schemes in Norway are having to pare back investments in hedge funds and other alternatives due to restrictive new regulations, while the country’s €246bn ($387bn) sovereign wealth fund suffered its worst quarterly result on record earlier this year because of its exposure to more traditional asset classes.

Pension schemes for the Norwegian industrial group Aker and for the Oslo-based consulting firm Det Norske Veritas are among those to halt or modify planned alternatives allocations, according to the mandate-tracking service MandateWire.