Norwegian asset manager Skagen has named Norges Bank Investment Management’s (NBIM) Øyvind Schanke as its next chief executive.

Schanke is CIO for asset strategies at NBIM, where he oversees equity and fixed income portfolios for the NOK7.3trn (€802bn) Government Pension Fund Global.

He will take on his new role from 1 February 2017.

Skagen’s current chief executive, Leif Ola Rød, will step down on 1 March.

He has led the asset manager since 2014.

Henrik Lisæth, chair of Skagen’s board, said Schanke was “well respected internationally for his results at NBIM”.

He added: “Øyvind has the solid relevant experience to implement Skagen’s long-term strategy. The board is convinced Øyvind is the right person to take leadership of Skagen going forward.”

Rød joined Skagen in 2012 as head of business support and compliance before his appointment as chief executive two years later.

Earlier this year, he served as acting CIO for a short period following the decision by Ole Søeberg to relinquish the role to concentrate on fund management.

Alexandra Morris took over as CIO permanently in September.

Schanke has worked at NBIM for 15 years, previously as head of trading and global head of equity trading, before becoming one of several CIOs responsible for the sovereign wealth fund’s giant portfolio in 2014 following a management restructure.