Norway's Aker picks former sovereign wealth fund chief to lead investments
Reuters
Published Dec 07, 2021 07:31AM ET
OSLO (Reuters) - Norwegian conglomerate Aker ASA has hired Yngve Slyngstad, the former head of Norway's sovereign wealth fund, to lead its asset management unit, focusing on renewable energy projects, the company said on Tuesday.
"Slyngstad will be responsible for building and developing active asset management to become a new business area in Aker, on par with the company's industrial holdings," it said in a statement.
Aker Asset Management will be majority owned by Aker ASA, with key staff as co-owners, including a 5% stake for Slyngstad, and plans to invest heavily in energy transition projects.
"The goal is to establish funds totalling 100 billion euros ($113 billion) that will invest in profitable climate solutions that create value. Green energy, green industry and green cities will be our prioritised investment areas," Slyngstad said.
He will take his new position from March 1, stepping down from Norway's sovereign wealth fund, the world's largest with assets of some $1.4 trillion, where he worked for more than 20 years, and was its CEO from 2008 to 2020.
Norges Bank Investment Management, which manages the sovereign fund, confirmed in a separate statement that Slyngstad would be leaving.
($1 = 0.8861 euros)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.