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Karsten Kallevig Named CEO of Norges Bank Real Estate Management

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Karsten Kallevig

Karsten Kallevig

Norges Bank’s Executive Board appointed Karsten Kallevig as Chief Executive Officer of Norges Bank Real Estate Management. Norges Bank Real Estate Management is the dedicated organization for managing the unlisted real estate investments in the Government Pension Fund Global (GPFG). Kallevig will start in the new position January 1, 2016. Kallevig comes from the position as Chief Investment Officer Real Estate in Norges Bank Investment Management. Increasingly, Norway’s sovereign wealth fund has deployed massive amounts of capital to overseas real estate in Europe and the United States.

Karsten Kallevig was ranked #3 on the Public Investor 100 – 2015, a presitigous ranking of the 100 most significant and impactful asset owner and public executives of 2015.

See other NBIM Key Executives and People

On another note, Runar Malkenes was appointed Director of Communications at Norges Bank. He is currently of Director of Communications at Norway’s Ministry of Finance. Malkenes will take up his post mid-January.

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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