A second departure from the leadership team behind Norway’s sovereign wealth fund has been announced in the run up to the unveiling of the NOK10.5tn (€946bn) fund’s new top line-up under incoming chief executive officer Nicolai Tangen.
Norges Bank, the central bank, said Ole Christian Bech-Moen had been appointed executive director of Norges Bank Monetary Policy, to succeed Ida Wolden Bache, who was promoted to the position of the bank’s deputy governor earlier this year.
Bech-Moen is currently chief investment officer allocation strategies at Norges Bank Investment Management (NBIM) – the bank department running the Government Pension Fund Global (GPFG).
He is the second of NBIM’s 12-strong leadership team now known to be leaving since Tangen took over as CEO on 1 September, following the announcement on 18 September that Karsten Kallevig, CIO real estate, would step out of the team to become special adviser to the CEO.
A spokeswoman for NBIM told IPE Bech-Moen’s precise leaving date was not yet clear.
“A new leader group will be announced in October,” she said.
Norges Bank said it had started looking for a successor to Wolden Bache at the end of July, and that Bech-Moen had competed with “a number of strong and highly-qualified candidates”.
Before joining NBIM in 2009, he was senior economist at DNB Markets, the bank said.