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Norway’s Aker picks former sovereign wealth fund chief to lead investments -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad listens during an interview in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins

OSLO (Reuters). Yngve Styngstad is the ex-head of Norway’s sovereign wealth fund. He has been hired by Aker ASA to head its asset management unit. The company announced Tuesday.

According to a statement, “Slyngstad” will take responsibility for the development and construction of active asset management. This is a new area within Aker that can be compared with its industrial holdings.

Aker Asset Management, which will become majority-owned by Aker AS, will also have key employees as co-owners. This includes a 5% stake in Slyngstad. Aker plans to heavily invest in energy transition projects.

Funds totalling 100 Billion Euros ($113 Billion) will be established to invest in climate-friendly solutions. Slyngstad explained that the priority areas for investment will be green energy, green industries and green cities.

His new role will be effective March 1. He is retiring from Norway’s sovereign wealth funds, which are the largest in the world with approximately $1.4 trillion of assets.

Norges Bank Investment Management Management which manages this sovereign fund confirmed Slyngstad’s departure in a separate announcement.

($1 = 0.8861 euros)

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