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Norges Bank Investment Management strengthens its leader group

20 August 2014

Norges Bank Investment Management is to double the size of its leader group to 12 members. We are setting up a separate leader group for real estate, reorganising the investment departments in line with the main strategies for the Government Pension Fund Global, and enhancing internal control by creating a new position in the leader group for control and compliance.

Three Chief Investment Officers (CIO) will be responsible for the fund's three investment strategies as set out in the new strategy plan for 2014-2016. Ole Christian Bech-Moen will serve as CIO Allocation Strategies, Øyvind Schanke as CIO Asset Strategies and Petter Johnsen as CIO Equity Strategies. The leader group will also be expanded to include a Chief Risk Officer in the form of Dag Huse. Meanwhile Jan Thomsen will be Chief Compliance Officer, Age Bakker will continue as Chief Operating Officer and Trond Grande will continue as Chief Administrative Officer.

A separate leader group for real estate is being set up to provide increased managerial resources ahead of the upcoming enlargement of the real estate organisation. Karsten Kallevig will continue as Chief Investment Officer, while Lars Dahl will serve as Chief Risk Officer for Real Estate and take charge of the risk assessments relating to the fund’s real estate investments. Nina Hammerstad will handle the operational side of real estate investments as Chief Operating Officer, and Mie Holstad will be Chief Administrative Officer, responsible for the administrative side of the real estate organisation and its investments. Trond Grande will have day-to-day responsibility for the real estate organisation in his role as Deputy CEO.

“We’re strengthening the management of the fund’s real estate investments by setting up a separate leader group for real estate. We’re aligning our investment departments with the fund's main strategies, and we’re strengthening our risk and control activities,” says Yngve Slyngstad, CEO of Norges Bank Investment Management.

The new leader group will be operational from 1 October 2014.