NORWAY - Norges Bank Investment Management (NBIM) has appointed an internal candidate to take on the role of chief investment officer, and given Bengt Enge the job of overseeing the company's investment management and that of the giant Norwegian pension funds.

A statement issued by NBIM said it has almost has almost completed a two-year project to restructure the executive board after filling key vacancies, although it has yet to appoint a chief compliance officer.

NBIM advertised the roles of chief investment officer, chief risk officer and chief treasurer globally in May through national newspapers, in a bid to find the best candidates. (See eariler IPE story: Norway-Global to get new CIO)

That search has led them to appoint Enge, formerly global head of external management as the new CIO, following the promotion of Yngve Slyngstad to chief executive in January 2008. Enge has been at NBIM for 13 years, and prior to that worked at Frank Russell in London.

Jessica Irschinck will become chief treasurer, having previously been chief of staff to the CEO in the investment bank of UBS, while Mark Clemens is leaving his role at Citigroup in New York as global chief administrative officer to take on the chief admin officer post at NBIM.

Age Bakker is now chief operating officer, having joined NBIM this year as global head of IT, while Dag Dyrdal is moving from the post he took up earlier this year, as global head of external relations, to become chief strategic relations officer.

Trond Grande previously held two roles at NBIM as COO and global head of risk management but is chief risk officer. And Stephen Hirsch is deputy chief executive officer, having served in 2008 as COO.

Changes to the management board were part of a wider review of the structure, which saw a number of operations integrated, fixed income restructured and risk management strengthened, according to officials.

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