Norway's Ministry of Finance has confirmed that Martin Skancke has resigned his position as head of the department charged with overseeing the so-called 'Oil Fund'.
Norway’s Ministry of Finance has confirmed that Martin Skancke has resigned his position as head of the department charged with overseeing the so-called ‘Oil Fund’.
Officially named the Government Pension Fund Global, Norway’s sovereign wealth fund has an estimated $600bn under management by Norges Bank Investment Management.
NBIM is answerable to the Norwegian Parliament through the country’s Ministry of Finance, where Skancke headed the relevant department. The Ministry’s role is not just oversight, but it takes an active role in determining investment strategy.
Daily Dagens Næringsliv reported Skancke’s departure to establish an advisory business to other sovereign wealth funds, as well as working for Norwegian insurer Storebrand at its asset management business Storebrand Kapitalforvaltning.
His role at the Ministry is to be taken on by director general Pål Haugerud, a spokesperson confirmed.
Skancke is subject to confidentiality clauses, but has said he sees no conflicts of interest in helping predominantly African and Asian countries establish their own SWFs. He spent five years heading the relevant department at the Ministry.