Norway’s Oil Fund Names New Executive Management Team (Update1)
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By Meera Bhatia and Josiane Kremer
Aug. 28 (Bloomberg) -- Norges Bank Investment Management, the manager of Europe’s largest sovereign wealth fund, named new top managers after record losses last year wiped out gains since it started investing Norway’s oil and gas revenue 12 years ago.
The 2.47 trillion-krone ($410 billion) Government Pension Fund - Global promoted Bengt Enge to chief investment officer, Trond Grande to chief risk officer and Age Bakker to chief operating officer, the Oslo-based fund said today. Mark Clemens from Citigroup Inc. will be chief administrative officer and Jessica Irschick from UBS AG chief treasurer.
“NBIM now has a management team with considerable international financial markets experience,” Yngve Slyngstad, the chief executive officer of the fund, said in a statement. Deputy CEO Stephen Hirsh also remains in his position.
The fund is adding managers after a record 633 billion- krone loss last year wiped out gains over the past 12 years amid tumbling global markets. It recouped some of the losses in the second quarter of this year, posting a record 12.7 percent gain. Slyngstad told Bloomberg News on Aug. 14 that the fund was about to announce new executives to strengthen management.
Irschick was previously chief of staff to the head of the UBS investment bank in London and Clemens was global chief administrative officer at New York-based Citigroup. Enge has been with the NBIM for 13 years, while Grande had been acting head of risk management since 2007. Bakker joined this year as head of information technology.
Norway, the world’s fifth-largest oil exporter and second- largest exporter of natural gas, derives money for the fund from taxes on oil and gas and ownership of petroleum fields. The fund has a portfolio of around 8,000 companies and offices in Oslo, London, New York and Shanghai.
To contact the reporter on this story: Josiane Kremer in Oslo at [email protected].
Last Updated: August 28, 2009 03:20 EDT
Share | Email | Print | A A A
By Meera Bhatia and Josiane Kremer
Aug. 28 (Bloomberg) -- Norges Bank Investment Management, the manager of Europe’s largest sovereign wealth fund, named new top managers after record losses last year wiped out gains since it started investing Norway’s oil and gas revenue 12 years ago.
The 2.47 trillion-krone ($410 billion) Government Pension Fund - Global promoted Bengt Enge to chief investment officer, Trond Grande to chief risk officer and Age Bakker to chief operating officer, the Oslo-based fund said today. Mark Clemens from Citigroup Inc. will be chief administrative officer and Jessica Irschick from UBS AG chief treasurer.
“NBIM now has a management team with considerable international financial markets experience,” Yngve Slyngstad, the chief executive officer of the fund, said in a statement. Deputy CEO Stephen Hirsh also remains in his position.
The fund is adding managers after a record 633 billion- krone loss last year wiped out gains over the past 12 years amid tumbling global markets. It recouped some of the losses in the second quarter of this year, posting a record 12.7 percent gain. Slyngstad told Bloomberg News on Aug. 14 that the fund was about to announce new executives to strengthen management.
Irschick was previously chief of staff to the head of the UBS investment bank in London and Clemens was global chief administrative officer at New York-based Citigroup. Enge has been with the NBIM for 13 years, while Grande had been acting head of risk management since 2007. Bakker joined this year as head of information technology.
Norway, the world’s fifth-largest oil exporter and second- largest exporter of natural gas, derives money for the fund from taxes on oil and gas and ownership of petroleum fields. The fund has a portfolio of around 8,000 companies and offices in Oslo, London, New York and Shanghai.
To contact the reporter on this story: Josiane Kremer in Oslo at [email protected].
Last Updated: August 28, 2009 03:20 EDT
