Petter Johnsen is stepping down from his job in London as chief equities officer at Norges Bank Investment Management (NBIM), and will move to the organisation’s Oslo headquarters as senior portfolio manager once a replacement is found.

In an announcement today, NBIM – which manages the NOK11.9trn (€1.2trn) Government Pension Fund Global (GPFG) – said it had already started the process of recruiting someone to fill Johnsen’s current role.

Nicolai Tangen, chief executive officer of NBIM, said: “Petter has done a tremendous job as chief equities officer. The results speak for themselves.”

He said NBIM was very happy it would benefit from Johnsen’s expertise in Oslo as he moved to Norway after many years in the UK.

“It’s a perfect fit with our plans to expand active management in Oslo,” Tangen said.

NBIM said it currently had 20 portfolio managers based in Oslo, working across all of the GPFG’s strategies, eight of whom worked within active equity portfolio management.

The firm stated the plan was for Johnsen to relocate to the Norwegian capital after the summer.

Johnsen said it had been a privilege to manage “a knowledgeable and highly-accomplished team”.

“I’m very proud of what we have built and delivered in the form of returns and a strong reputation. Now it’s time to pass on the baton to further build on and develop our strong foundation,” he said.

Johnsen has been part of NBIM’s leader group since 2011, and was also head of the London office from 2013 to 2021, the central bank department said.

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