Norway’s $885bn oil fund is shaking up its top executives after criticism about its investment in Formula 1 and worries about how it will deal with its growing size. Norges Bank Investment Management, the arm of the central bank that manages the fund, will double the number of top executives to 12, creating new positions for compliance and several in its nascent property portfolio. More On this topic IN Capital Markets Three chief investment officers will be appointed to take over the asset allocation responsibilities currently held by chief executive, Yngve Slyngstad. “We are moving in the direction of trying to exploit the fund’s characteristics more clearly,“ Mr Slyngstad said to explain the move to three CIOs for allocation, asset and equity strategies. The CIOs will deal with both equities and bonds as well as benchmark indices increasingly tailored for the fund and its long-term outlook. The shake-up is […]