Yngve Slyngstad, the former long-time chief executive officer of Norway’s sovereign wealth fund is leaving the fund’s management operation to become CEO and partner of Aker Asset Management (AAM) – a new investment arm of Norwegian conglomerate Aker ASA, it was announced today.

Slyngstad, who was CEO of Norges Bank Investment Management (NBIM) for 13 years, will be responsible in his new role for building and developing active asset management as a new business area within Aker, on a par with the company’s industrial holdings, the industrial group announced.

He will take up the new role on 1 March 2022, it said.

In an announcement from NBIM on his departure, Slyngstad said: “I have been very fortunate to have participated in building the Norwegian sovereign wealth fund. Its value has increased more than a hundredfold since we established the capital management organisation in 1998.”

He said: “I was pleased to pass on the baton to Nicolai Tangen in September last year, and I will always cheer on from the side-line.”

Tangen said his predecessor had been instrumental in the development of NBIM, which manages the NOK12.4trn (€1.2trn) Government Pension Fund Global.

yngve slyngstad

Yngve Slyngstad

“I am truly grateful that he continued in the fund after stepping down as CEO in order to help my transition and to teach me the tricks of the trade,” he said, adding that he was thrilled Slyngstad was staying in Norway to help expand the country’s asset management industry.

Meanwhile, Aker CEO Øyvind Eriksen and Aker Horizons CEO Kristian Røkke said in a joint statement that the firms had worked together to develop opportunities within active asset management – and had made “great strides” in a short period of time.

“To succeed, a skilled leader is needed. Yngve Slyngstad is a leading expert in active asset management, with an impressive track record,” both said.

Active asset management was launched as a new business area for the group in its third quarter report a month ago.

Slyngstad’s mandate will be to develop AAM to become a central part of Aker’s portfolio, with clearly defined relations to Aker’s industrial companies and businesses, the group said.

The newly-appointed CEO said the goal for AAM was to establish funds totalling €100bn that would invest in profitable climate solutions that created value.

“Green energy, green industry and green cities will be our prioritised investment areas,” he said.

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