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New organisational structure at NBIM

press release 28 August 2009

Norges Bank Investment Management (NBIM) has formed a new executive team with broad international competence. This completes the final phase of an extensive reorganisation at NBIM that started with the appointment of Yngve Slyngstad as CEO in January 2

- NBIM now has a management team with considerable international financial markets experience. An executive team has been established who will make NBIM well equipped to meet future challenges, says Yngve Slyngstad.

- With an international portfolio of around 8 000 companies, and offices in Oslo, London, New York and Shanghai, it is natural for NBIM to continue internationalising the organisation. We already have 20 nationalities among our 230 employees and will grow abroad in the years ahead. This generates a need for executives with broad international experience, says Yngve Slyngstad.
 
- Extensive organisational changes were implemented in 2008. A number of functions which were previously separated between equity and fixed income management, were integrated. In addition, risk management was significantly strengthened and fixed-income management was restructured. The establishment of a new executive structure, in tandem with the strengthening of the organisation with new international competence, completes the last phase of the transformation process.  

- Knowledge and competence are imperative for achieving quality management performance and generating excess returns for the Fund. With the organisational changes and the establishment of the new management team, we are well equipped, says Yngve Slyngstad.

The new management team includes the following members:

Yngve Slyngstad
Chief Executive Officer
Stephen A. Hirsch
Deputy Chief Executive Officer
Bengt O. Enge
Chief Investment Officer
Jessica Irschick
Chief Treasurer
Trond Grande
Chief Risk Officer
Mark Clemens
Chief Administrative Officer
Age Bakker
Chief Operating Officer
Dag Dyrdal
Chief Strategic Relations Officer
The position as Chief Compliance Officer will be announced later

For further information contact Director of Communications, Siv Meisingseth, tel. +47 22 31 63 50 / +47 91 63 89 12