Oyvind Schanke, chief investment officer for asset strategies at Norges Bank Investment Management, was appointed CEO at Norwegian money manager SKAGEN, effective Feb. 1.
Mr. Schanke will replace Leif Ola Rod, who was appointed CEO at the €9 billion ($9.8 billion) manager in 2014. Mr. Rod will remain at SKAGEN until March 1 to ensure a smooth handover and to close the 2016 fiscal year, said a news release by SKAGEN.
Timothy Heffer, managing director, U.K. at SKAGEN, said in an e-mail that Mr. Rod is focused on achieving a smooth transition over the next few months. He added that the firm looked at all options for the recruitment of the new CEO.
“He is well respected internationally for his results at NBIM,” said Henrik Lisaeth, chairman of the SKAGEN board, in the release. “(Mr. Schanke) has the solid relevant experience to implement SKAGEN’s long-term strategy.”
Mr. Schanke will leave Norges Bank Investment Management later this year. NBIM manages the assets of the 7.33 trillion Norwegian kroner ($871 billion) Government Pension Fund Global, Oslo.
Geir Oyvind Nygard, global head of portfolio management, will become interim chief investment officer for asset strategies, effective Dec. 1, said a spokesman for NBIM. He said a formal recruitment process will be initiated shortly.