Norges Bank Investment Management is integrating its business areas that are responsible for real assets and equity investments.
The adjustment aims to strengthen the management of both asset classes by bringing together people with complementary expertise.
It will not affect the fund’s investment strategy across any of the asset classes. We will remain an active real estate investor and continue to buy assets when they are attractively priced and in-line with our strategy.
The organisation adjustment will also bring our energy investors together into a more complete team that covers both listed and unlisted renewable infrastructure opportunities in this sector. The ambition for this combined unit is to enable us to become a global leader in energy investing.
Chief Investment Officer Real Assets, Mie Caroline Holstad, has decided to leave the fund. Holstad has been a vital part of building up our real assets management for more than a decade.
Real assets were consolidated in one area under Holstad’s leadership in 2020, consisting of unlisted and listed real estate and unlisted infrastructure for renewable energy. Over the past four years we have increased our exposure to real estate and diversified the real estate portfolio. In addition, we have built up a strong renewables team and have to date committed 49.5 billion NOK in unlisted renewable infrastructure.
“During this period, we have had continuous dialogue regarding how to best organise real assets and how to best utilize the competence within real assets and the wider organisation. This adjustment will integrate real assets in a way that strengthens our management of both asset classes”, says Holstad.
“As the fund further cements its energy expertise and ambition, pulling on all areas of active management under one umbrella will also benefit the other parts of real assets. I therefore firmly believe that the optimal platform for real assets going forward is in close partnership with the fund’s other active investment strategies. Hence, I have decided that my time here has come to an end. While not an easy decision, it is the right one. I will miss my wonderful colleagues and most of all the people in real assets”, says Holstad.
“Mie has done a tremendous job for the organization. She started out as a young advisor 14 years ago and has proven her value all the way up to being a Chief in the fund’s leader group. The last four years she has managed one of the largest real estate portfolios in the world. She is a leader that is loved by people, especially her colleagues. I respect her decision to leave, but we sure will miss her and know that she has a great career ahead of her”, says CEO Nicolai Tangen.
The change will be effective as of January 1, 2025. The new unit will be renamed Active Strategies and will be led by the Co-Chief Investment Officers Equities, Daniel Balthasar and Pedro Furtado Reis, who are both London based.
They will be responsible for all active investment in equities, credit and real assets.
In addition, the Asset Strategies area will be renamed Market Strategies to make a clearer distinction between our fundamental active and index enhancement strategies. This area will continue to be led by Malin Norberg.
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