Jon Nicolaisen, deputy governor of Norges Bank with responsibilities for matters related to the in-house manager for the world's largest sovereign wealth fund, has resigned.
He had particular responsibility for matters relating to Norges Bank Investment Management, which runs the assets of the 10.9 trillion Norwegian kroner ($1.23 trillion) Government Pension Fund Global, Oslo.
Mr. Nicolaisen resigned effective immediately because his security clearance from the Norwegian Civil Security Clearance Authority was not renewed, said a news release on central bank Norges Bank's website.
"The Norwegian Civil Security Clearance Authority informs me that the reason that I will not receive a renewed security clearance is that my wife is a Chinese citizen and resides in China, where I support her financially. At the same time, they have determined that there are no circumstances regarding me personally that give rise to doubt about my suitability for obtaining a security clearance, but that this does not carry sufficient weight. I have now had to take the consequences of this," Mr. Nicolaisen said in the news release.
Mr. Nicolaisen was appointed deputy governor in 2014 and reappointed in April, taking on responsibility for the GPFG.
A spokesman for Norges Bank said Mr. Nicolaisen's duties will be transferred to other people in Norges Bank, with daily operations unaffected by his resignation. A spokesman for the Norwegian Ministry of Finance said Mr. Nicolaisen will be replaced and the new deputy director will be responsible for following up on the bank's task of managing the GPFG.
