Yngve Slyngstad, the chief executive of Norges Bank Investment Management (NBIM), has announced his intention to step down from his role overseeing Norway’s NOK10trn (€976bn) Government Pension Fund Global (GPFG).

NBIM said Slyngstad would stay on as CEO until a successor was appointed. Once a new chief executive is in place, he will focus on developing NBIM’s investment strategy with an emphasis on building a specific allocation to unlisted renewable energy infrastructure assets.

He has led the fund – the largest in Europe and one of the largest asset owners in the world – since 2008, having joined NBIM in 1998 as head of equities. Prior to joining NBIM he was CIO for Asian equities at Storebrand Asset Management.

“It is an important milestone that the fund’s market value passed NOK10trn [on] 25 October,” Slyngstad said in a statement on NBIM’s website.

“I am proud of having been part of building up a leading international investment organisation with talented and professional employees. We have delivered good returns for the best of our nation.”

NBIM’s executive chairman Øystein Olsen said the board was “very satisfied” with the performance of the GPFG under Slyngstad’s leadership.

“Over these 12 years, the fund has delivered very good results and the fund has achieved a strong position internationally and in Norway,” Olsen said. “Yngve Slyngstad has been a distinct leader of Norges Bank Investment Management and developed a leading and global investment organisation.”

Under Slyngstad’s leadership, the GPFG grew from NOK2.3trn in 2008 to hit NOK10trn earlier this month. It hit the $1trn mark in September 2017, the first sovereign wealth fund to do so.

Slyngstad has also overseen the establishment of NBIM’s dedicated real estate arm, which has seen the fund purchase high-profile assets in major cities across the world.

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