Norges Bank Investment Management equity director resigns


By Dominic Chopping

Norges Bank Investment Management, the arm of the central bank that manages the country’s $1.3 trillion sovereign wealth fund, said on Thursday that its equity director was stepping down.

Petter Johnsen will remain in the role until his successor is in place, then will move to Oslo from London to take on a new role as Senior Portfolio Manager at Norges Bank Investment Management, strengthening the fund’s active portfolio management.

Created in the 1990s to invest the proceeds of oil discoveries in the North Sea, the oil fund, as it is known, is the largest single shareholder in the world, owning an average of 1.5% of the world’s listed companies.

Last year, the fund unveiled plans to take a more active approach to investing, using more external fund managers and adding more portfolio managers in Oslo, with portfolio managers focusing less on the macroeconomic environment or factors such as growth, and more on the valuation of individual companies.

The fund currently has 20 portfolio managers based in Oslo, working on all of the fund’s strategies. Eight of the portfolio managers work within the framework of active equity portfolio management.

According to the plan, Mr Johnsen will move to Oslo after the summer. An internal recruitment process has begun to find his successor.

Write to Dominic Chopping at [email protected]


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