Norway's Sovereign Wealth Fund CEO to resign from his post

Norway's Sovereign Wealth Fund CEO Yngve Slyngstad has said that he will resign from his post, Reuters reported on Wednesday. The country's central bank governor Oeystein Olsen confirmed Slyngstad's move and said that he will continue to work for the fund in a "different position".

Olsen also said that he is highly satisfied by the performance of Slyngstad as Wealth Fund's CEO.

Norway's USD 1.1 trillion sovereign wealth fund is the world's largest fund. It invests Norway's oil and gas revenue in foreign stocks, bonds and real estate and last week its value hit an all-time high value of 10 trillion Norwegian crowns. The fund's largest fixed-income holdings are in US government bonds.

The fund made a 1.6 percent return on investment in the third quarter, earning 236 billion Norwegian crowns ($25.55 billion), it said on Wednesday. The return for the quarter was in line with the fund's benchmark index, it said. With a population of less than 5.4 million, the Norwegian fund's quarterly return works out to almost USD 4,800 per citizen.