Norway Appoints Professor to Oversee $830B Wealth Fund
Amidst debate over tighter oversight (and suffering its biggest loss in four years), Norway has put central bank exec board member and professor Egil Matsen in charge of overseeing its $860B wealth fund.
Matsen, 46, has a six-year term with the newly created deputy governor position. He's served as a member of the board since 2012. Matsen teaches at the Norwegian University of Science and Technology and holds a PhD from the Norwegian School of Economics.
The largest wealth fund in the world, the fund owns 1.3% of global stocks and is also the biggest non-North American buyer of US real estate. Back in April, the fund was allowed to buy infrastructure and explore more real estate.
The Norwegian fund recently closed on a deal to manage a New York church's $3.6B portfolio. Egil's start date has yet to be decided. [Bloomberg]
