Norges Bank Investment Management, the arm of Norway’s central bank that manages the world’s largest sovereign wealth fund, with assets of close to $870 billion, has selected Geir Oeivind Nygaard as its newest Chief Investment Officer (CIO) for Asset Strategies.
Mr. Nygaard will replace Oyvind Schanke, who was appointed CEO at SKAGEN, one of the biggest asset management brands in the Nordic region. Geir became interim CIO for asset strategies, one of the fund’s most senior investment positions, in last December while the formal recruitment process was initiated shortly.
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In his new role, Nygaard will be responsible for the global management of the broad equity and fixed income portfolios.
Prior to this position, Nygaard served as Global Head of Portfolio Management at Norges Bank Investment Management, dubbed ‘the oil fund’ due to the main source its money being Norway’s oil production.
Norges Bank Investment Management has recently restructured its investment departments in line with a new strategy plan for Norway’s Government Pension Fund Global. The investment team now includes 20 or so portfolio managers that invest more closely to a reference benchmark given by Norway’s ministry of finance.