Yngve Slyngstad, former CEO at the in-house money manager for the world's largest sovereign wealth fund, was named CEO and senior partner at Aker Asset Management.
Effective March 1, Mr. Slyngstad will develop Norwegian industrial investment company Aker ASA's active asset management business, according to a news release. The business launched on Nov. 5.
He will recruit to fill the company's key positions upon arrival, the release said. Aker will also seek to establish offices in Asia, Europe and the U.S. Mr. Slyngstad, who will own 5% of the company's shares, will be based in Fornebu, Norway.
"Aker and (sustainable investment subsidiary) Aker Horizons have worked together to develop opportunities within active asset management and have made great strides in a short period of time. To succeed, a skilled leader is needed. Yngve Slyngstad is a leading expert in active asset management, with an impressive track record," Oyvind Eriksen, CEO of Aker, and Kristian Rokke, CEO of Aker Horizons, said in the news release.
The new asset management unit operates as a separate company and invests in infrastructure and energy transition through private equity, venture capital and startup funds.
"We are experiencing a great deal of interest from institutional investors who wish to join us in financing green projects. Aker Horizons is uniquely positioned to create attractive investment opportunities based on our technology and our access to a steady stream of new projects. With Slyngstad as CEO of AAM, we raise our ambition levels within active asset management in general and the energy transition in particular," Mr. Rokke added in the release.
An Aker spokeswoman could not be reached for comment about the appointment.
Mr. Slyngstad, who as CEO of Norges Bank Investment Management was responsible for the 12.38 trillion Norwegian kroner ($1.36 billion) Government Pension Fund Global, Oslo, since Jan. 1, 2008, left the fund in December. Mr. Slyngstad resigned in September 2020 and was succeeded by Nicolai Tangen.