Sovereign Wealth Funds

Norges Bank Investment Management splits real estate CIO position between U.S., Europe

Per Loken was named chief investment officer U.S. and Romain Veber was named chief investment officer Europe within Norges Bank Investment Management's real estate division in a change that split the duties to cover the different regions, said a spokesman.

NBIM runs the assets of the 7.7 trillion Norwegian kroner ($987 billion) Government Pension Fund Global, Oslo. The fund has a 2.5% allocation to unlisted real estate as of June 30.

As of Dec. 31, when the fund also had a 2.5% allocation to real estate, 50.1% was invested in European assets and the remaining 49.9% in U.S.-based assets.

"The investments will be split evenly between Europe and (the) U.S., and dedicated chief investment officers are appointed in each market," said a news release on the firm's website. The change took effect Sept. 1.

Mr. Loken has been interim real estate CIO since January 2016. Mr. Veber joined NBIM in October 2011, focusing on French real estate. The spokesman declined to comment on his title.

Lydia Parker contributed to this story