Skagen appoints CEO from Norwegian oil fund

oyvind-schanke-press-photo-high-res-2_credit-nbim

Skagen has appointed Øyvind Schanke from the Norwegian government’s oil fund to become its new chief executive.

Schanke, who replaces Leif Ola Rød, starts in February.

Skagen chair Henrik Lisæth says Schanke is “respected internationally for his results” at Norges Bank Investment Management, where he was responsible for equity and fixed income strategies on the NOK7.1trn (£670bn) Norwegian government pension fund.

Lisæth adds that Rød did an “admirable job securing stability and effective operations during a challenging period”.

Schanke says Skagen is “one of the strongest asset management brands and organisations in the Nordic region”.

“Skagen is well known for active, contrarian stock picking and for putting clients’ interests first.

“I am excited to be leading the firm and helping realise Skagen’s ambition to be the preferred provider of actively managed funds.”

Rød will remain at the asset manager until March to facilitate the handover and close the 2016 fiscal year.