Skagen names ‘oil fund’ CIO as its new CEO

Added 22nd November 2016

Skagen has named Øyvind Schanke as its new chief executive, effective from 1 February 2017.

Skagen names ‘oil fund’ CIO as its new CEO

Schanke

He joins the asset manager from Norges Bank Investment Management, having been chief investment officer for asset strategies for Norway’s Government Pension Fund Global since 2014. Dubbed ‘the oil fund’ due to the main source its money being Norway’s oil production, it has NOK 7100bn ($890bn) under management.

Schanke has 21 years of financial industry experience. He joined NBIM in 2001 and has held various positions over the 15 years. He has also worked at Gjensidige Nor Equities and Handelsbanken Markets.

He takes over from Leif Ola Rød who has been Skagen CEO since 2014. Rød will remain at the firm until 1 March 2017 to secure a smooth handover.

Chairman of the Skagen board, Henrik Lisæth said: “The board is delighted that Øyvind has accepted the CEO position. He is well respected internationally for his results at NBIM. Øyvind has the solid relevant experience to implement Skagen’s long-term strategy. The Board is convinced that Øyvind is the right person to take leadership of Skagen going forward. Furthermore, the board is grateful to Leif Ola, who has done an admirable job securing stability and effective operations during a challenging period.”   

“It is an honour to be appointed CEO of Skagen, one of the strongest asset management brands and organisations in the Nordic region,” Schanke added. "Skagen is well known for active, contrarian stock picking and for putting clients’ interests first. I am excited to be leading the firm and helping realise Skagen’s ambition to be the preferred provider of actively managed funds.” 

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Alex joined Portfolio Adviser in April 2014 and has been a financial journalist since 2008. He has previously held editorial positions at the Financial Times Group and Euromoney Institutional Investor. Alex is NCTJ qualified and has a degree in economics from the University of Sussex.

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