Billionaire Kjell Rokke’s Aker has appointed Yngve Slyngstad as CEO and senior partner of Aker Asset Management (AAM).

Slyngstad, who was previously the CEO of Norges Bank Investment Management (NBIM), will assume his new role on 1 March 2022.

He will focus on building and developing active asset management, Aker’s new business area that looks to establish funds totalling €100bn ($110bn) to invest in climate solutions.

Furthermore, Slyngstad will work to develop AAM to become a central part of Aker’s portfolio, in line with its industrial companies and businesses.

Aker CEO Øyvind Eriksen and Aker Horizons CEO Kristian Røkke said in a joint statement: “Aker and Aker Horizons have worked together to develop opportunities within active asset management and have made great strides in a short period of time. To succeed, a skilled leader is needed.

“Yngve Slyngstad is a leading expert in active asset management, with an impressive track record. We are pleased that Yngve has agreed to take the helm of the new business area in its entirety, and we are inspired by his ambitions.”

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By GlobalData

Slyngstad, who joined NBIM in 1998, managed the Government Pension Fund Global, from 1 January 2008 until he resigned on 1 September 2020.

Commenting on his appointment, Slyngstad said: “Through its companies, Aker represents Norway’s largest and most significant industrial knowledge environment. I look forward to leading the work of building and developing AAM to become a global organisation that delivers investment strategies based on deep industrial insight.”

AAM is structured as an independent company with Aker owning the controlling stake and key leaders as co-owners.

Slyngstad will own 5% of the unit, which will invest in companies through private equity firm OrbeNovo, venture capital companies Clara Venture Labs and Axis, and startup investor RunwayFBU.

He further added: “The goal is to establish funds totalling €100bn that will invest in profitable climate solutions that create value. Green energy, green industry and green cities will be our prioritised investment areas.”