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Norway Set To Pick New Chief Of $1.2-Trillion Sovereign Wealth Fund

Norges Bank Investment Management, a subsidiary of Norway’s central bank, which manages the world’s largest sovereign wealth fund, Norwegian Government Pension Fund Global, is looking for a new boss as Yngve Slyngstad, who led the fund for 12 years, announced his resignation last October. The wealth fund now has a global portfolio with $1.2 trillion in assets. It is designed to fund pensions for future generations of Norwegians. The fund holds interests in more than 9,000 companies and owns 1.4% of all listed stocks around the world. The fund – which is now three times the size of Norway’s economy – is immensely important to the country. Without contributions made by the vast fund, Norway’s budget deficit would amount to 8%. Some potential candidates for the top job include Martin Skancke, a former finance ministry official; Jon Gunnar Pedersen, an investment banker; Rune Bjerke, the former CEO of Norway’s largest bank, DNB Group; and Trond Grande, the current deputy chief executive of NBIM.

- International Business Times -

 

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