Norwegian money manager Skagen has appointed Øyvind Schanke as its new chief executive, effective from 1 February 2017.

Schanke will replace Leif Ola Rød, who will remain at Skagen until 1 March next year to secure a smooth handover and close the 2016 fiscal year.

He joins SKAGEN from Norges Bank Investment Management (NBIM), where he oversees equity and fixed income portfolios for the NOK7.3trn (€802bn) Government Pension Fund Global.

Schanke has been employed at NBIM since 2001 and has 21 years of experience from the financial industry.

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."