NORWAY - Norges Bank Investment Management (NBIM), manager of the Government Pension Fund - Global, has reorganised its top ranks naming eight new executives, NBIM said today.
The pension fund's new investment chief is Bengt Enge who previously served as global head of external management. Stephen Hirsch, former chief operating officer, is now deputy chief executive officer.
NBIM began an extensive reorganisation in 2008 after the NOK2.4trn (US$400bn) Norway Government Pension Fund - Global posted record losses of -23.3% for the year. In 2008, NBIM combined the equity and fixed income units, restructured the fixed income unit and bolstered risk management.
The overhaul was led by Yngve Slyngstad, who took the helm as chief executive at the start of 2008. Slyngstad will remain CEO.
Slyngstad said: "The establishment of a new executive structure, in tandem with the strengthening of the organisation with new international competence, completes the last phase of the transformation process."
Other promotions include: chief risk officer Trond Grande, who had previously served as deputy COO and global head of risk management; COO Age Bakker, former global head of IT and chief strategic relations officer Dag Dyrdal, formerly the global head of external relations.
Two new heads were also brought in from outside the organisation. Chief treasurer Jessica Irschick joined from UBS and chief administrative officer Mark Clemens joined from Citigroup.
NBIM will announce the appointment of a new chief compliance officer shortly, said spokesman Vidar Dalsbo.
Slyngstad said: "With an international portfolio of around 8 000 companies, and offices in Oslo, London, New York and Shanghai, it is natural for NBIM to continue internationalising the organisation. We already have 20 nationalities among our 230 employees and will grow abroad in the years ahead. This generates a need for executives with broad international experience."
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