CEO Of World's Largest Sovereign Wealth Fund Steps Down After Trillion-Dollar Milestone
The CEO of the world's largest sovereign wealth fund has quit just as its total AUM broke above $1.1 trillion for the first time.
According to Bloomberg, Yngve Slyngstad, the head of the fund charged with investing Norway's oil riches, a trillion-dollar pile of capital with a mandate for long-term capital appreciation, resigned on Friday, the fund's governing body announced during a press conference.
According to press reports, Slyngstad's departure isn't a huge surprise. It seems he made some noises about possibly stepping down earlier this year, but apparently wanted to wait until an important milestone had been crossed.
Yngve Slyngstad
Though he will remain in his position until a successor is found, Slyngstad's decision marks the end of a 21-year run at the fund, and 12 years as its CEO. But even after he vacates his position, he will still be involved with shaping some of the fund's investing strategies, particularly its renewables investing group (the fund has been promising to move money away from the fossil fuel industry and do more to promote research in alternative fuels).
"The executive board is very satisfied with the management of the fund under Yngve Slyngstad’s leadership. Over these 12 years, the fund has delivered very good results and the fund has achieved a strong position internationally and in Norway," said Oystein Olsen, the governor of Norway’s central bank.
"It is an important milestone that the fund’s market value passed NKr10tn on 25 October...We have delivered good returns for the best of our nation," Slyngstad said.
According to Bloomberg, during Slyngstad's reign, he oversaw the transformation of the fund's portfolio and helped it expand into real estate, boost its stock holdings to 70%, and finally announce a break with the fossil fuel industry. The fund has consistently been a massive net-long pile of money when it comes to global stocks. It's doubtful that will change.
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