NORWAY - Knut Kjær has resigned as head of Norges Bank Investment Management (NBIM), which manages the US$328bn Government Pension Fund - Global.
Kjær said: “I think the time is right for Norges Bank and NBIM, and on a personal level I would like to pursue new challenges.”
Svein Gjedrem, the governor of Norges Bank, praised Kjær’s contribution during a particularly important phase of the fund’s development.
Kjær led the project that prepared the ground for the management of the petroleum fund and the bulk of the foreign exchange reserves, and in January 1998 he became head of the new management organisation: NBIM.
Gjedrem said: “We would have warmly welcomed his continued presence, but we take note of his wish to conclude his career at Norges Bank. We are now faced with the demanding task of finding his successor.”
Kjær has not taken up any other job offers at present, and will continue as head of NBIM until a successor has been appointed.
The fund was established by a separate act in 1990. The initial capital transfer of $300m was made in the spring of 1996.
NBIM also runs the bulk of Norges Bank’s foreign exchange reserves.
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