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Norges Bank Investment Management chooses CIO asset strategies

The entrance to Norway's central bank, also known
Norges Bank

Geir Oivind Nygard was named chief investment officer asset strategies at Norges Bank Investment Management, a spokesman confirmed.

Mr. Nygard replaced Oyvind Schanke, who held the title until Nov 30. Mr. Nygard has been serving in the interim.

Mr. Schanke will take on the role of CEO at Norwegian money manager SKAGEN starting Feb. 1.

NBIM manages the assets of the 7.33 trillion Norwegian kroner ($842 billion) Government Pension Fund Global, Oslo.

“(Geir Oivind Nygard) brings with him experience and deep knowledge of our asset strategies. He represents a good continuation of the successful efforts within the area since the beginning,” Yngve Slyngstad, CEO at Norges Bank Investment Management, said in a news release.

Mr. Nygard joined Norges Bank IM in 2007 as portfolio manager in equity asset strategies. He was most recently global head of portfolio management.

Norges Bank IM’s spokesman would not comment on Mr. Nygard’s replacement as global head of portfolio management.