Skagen has appointed Øyvind Schanke, formerly CIO for asset strategies at Norway's Government Pension Fund, as its new chief executive officer.
Schanke (pictured) will replace outgoing CEO Leif Ola Rød, who will remain at Skagen until 1 March next year in order to secure a smooth handover and close the 2016 fiscal year.
Schanke has been chief investment officer for asset strategies at Norges Bank Investment Management, Norway's Government Pension Fund Global, since 2014, and was responsible for the global management of the broad equity and fixed income portfolios.
He has worked at the fund since 2001, previously as head of trading and global head of equity trading. He has also held roles at Gjensidige Nor Equities and Handelsbanken Markets.
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Henrik Lisæth, chairman of Skagen's board, commented: "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."
Schanke commented: "It is an honour to be appointed CEO of Skagen, one of the strongest asset management brands and organisations in the Nordic region.
"Skagen is well known for active, contrarian stockpicking 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."
