Head of world’s largest sovereign wealthfund steps down

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OSLO: The CEO of Norway’s sovereign wealth fund, the world’s biggest, stepped down on Wednesday, as the fund reported a return on investment of $25.6 billion for the third quarter.Yngve Slyngstad announced he would leave the position as head of the world largest sovereign wealth fund, after nearly 12 years at the helm, during a press briefing held in conjunction with fund’s release of its third quarter financial report.The announced came after the fund reached a market value of over 10 trillion Norwegian kroner (about $1.1 trillion or 975 billion euro) last Friday. “It is an important milestone that the fund’s market value passed 10 trillion kroner 25 October... We have delivered good returns for the best of our nation,” Yngve Slyngstad said in a statement. A successor was not named and the fund’s executive board said it would “now start searching for a new CEO. The fund — which manages the country’s oil revenues in order to finance Norway’s generous welfare state when its oil and gas wells run dry — attained a return of 1.6 percent, or 236 billion Norwegian kroner in the third quarter.

from The News International - World https://ift.tt/2BYQxm4

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