Yngve Slyngstad appointed new NBIM executive director
Norges Bank’s Executive Board has appointed Yngve Slyngstad to succeed Knut N. Kjær as executive director of Norges Bank Investment Management.
Yngve Slyngstad is currently head of Equity Investments at Norges Bank Investment Management, NBIM, which manages the Government Pension Fund – Global (the petroleum fund) and the bulk of Norges Banks foreign exchange reserves.
- Slyngstad is highly qualified and he has achieved excellent results. He has been with the organisation since the beginning ten years ago and knows NBIM very well, says Governor Svein Gjedrem.
Yngve Slyngstad (46) holds a degree in law from the University of Oslo, a degree in economics from the Norwegian School of Economics and Business Administration, an M.A. in Economics from the University of California and an M.A. in Political Science from Paris University.
Mr. Slyngstad joined the staff of Norges Bank in 1998 with the responsibility of building up NBIM’s equity management activities. He is currently head of Equity Investments and of NBIM’s London office. Assets under management in the Government Pension Fund – Global total NOK 880 billion. In addition, of the NOK 200 billion in Norges Bank’s foreign exchange reserves, NOK 90 billion has been invested in equities.
The petroleum fund was established by an Act of the Norwegian parliament in 1990. The Fund has grown rapidly and NBIM currently has about NOK 2 200 billion under management, including the foreign exchange reserves. The investment portfolio comprises more than 3000 companies worldwide. NBIM has a staff of about 170 from more than 20 countries and offices in Oslo, London, New York and Shanghai.
Mr. Slyngstad will take up his post on 1 January 2008.
Yngve Slyngstad will attend the press conference in conjunction with the interest rate decision at 2.45 p.m. and will be available for interview.
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