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Sovereign Wealth Funds

CEO of Norway sovereign wealth fund to leave in February

Olaug Svarva will leave her position as CEO of Government Pension Fund Norway, also known as Folketrygdfondet, on Feb. 1, a spokeswoman said.

The Oslo-based 233 billion Norwegian kronor ($28.6 billion) Government Pension Fund Norway's "board will now start the process of finding her replacement," the spokeswoman added.

Government Pension Fund Norway is the smaller of Norway's two sovereign wealth funds.

"I have had a fantastic time as CEO of Folketrygdfondet," Ms. Svarva said in a news release. "Now, however, I want to seek new opportunities and contribute in other ways. Therefore, after careful consideration, I have come to the conclusion that it is time to move on."

"It has been a privilege to be the leader of an organization with such high competence. I am proud of the results that we as an organization have achieved together," Ms. Svarva added in the news release.

Folketrygdfondet invests in domestic and Nordic assets. It has 60% in equities and 40% in fixed income.

Ms. Svarva served as CEO since 2016. She first joined the organization in 1991.