New Chief Risk Officer

The appointment follows an extensive global search process in which several internal and external candidates were considered.

Patrick moves from his role as Global Head of Risk Monitoring, where he has been responsible for the analysis, monitoring, measurement and reporting of investment risk and return for the fund.

"I am very pleased that Patrick assumes this role. He brings 25 years of experience within the fund and is widely respected across the organisation. In an increasingly complex investment environment, robust and forward-looking risk management is essential to protecting the fund's long-term returns. I am confident that Patrick will get the best out of our talented risk teams and continue to develop our capabilities in this area, with a particular focus on technology and AI within the risk function," says CEO Nicolai Tangen.

Patrick joined Norges Bank Investment Management in October 2001 as a Financial Analyst and has held several senior roles across financial analysis, benchmarks and valuations, performance analytics, and benchmark and mandate management. He was appointed Global Head of Risk Monitoring in February 2016. He holds a Sustainable Finance Executive Program qualification from the Smith School of Enterprise and the Environment at the University of Oxford.

"It is with excitement and humility that I take on this responsibility. Sound risk management underpins everything the fund does — from protecting the value of the portfolio to enabling long-term returns for the Norwegian people. I look forward to working with my colleagues to further strengthen our risk culture and capabilities," says Patrick.

Patrick succeeds Dag Huse, who recently stepped down from the fund’s leadership group and has taken on a new role within the fund where he coordinates the fund’s work on geopolitical risk.

"Dag Huse has made an outstanding contribution to the fund over many years. I am delighted that he will continue to contribute in a new capacity," says Nicolai.