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Sovereign Wealth Funds

Norwegian sovereign wealth fund Folketrygdfondet picks new CEO

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Kjetil Houg was named CEO of the Norwegian sovereign wealth fund Folketrygdfondet, also known as the Government Pension Fund Norway, a spokeswoman said.

Mr. Houg will replace Olaug Svarva on Sept. 1. Ms. Svarva left the 238 billion Norwegian kroner ($29.5 billion) fund earlier this year to become the chairwoman of the board of directors at financial services group DNB.

"Folketrygdfondet has an important role in managing the funds in a responsible way and is an exciting manager with great potential," Mr. Houg said in a news release.

Mr. Houg was previously investment director of life insurance company Oslo Pensjonsforsikring, which has 90 billion Norwegian kroner in assets under management.