Leader group
The leader group in Norges Bank Investment Management
Nicolai Tangen is responsible for the management of the Government Pension Fund Global. This includes the daily operation and the development of Norges Bank Investment Management.
Tangen joined Norges Bank Investment Management as Chief Executive Officer on 1 September 2020.
Tangen was previously Chief Executive Officer and Chief Investment Officer in AKO Capital, which he founded in 2005. He also set up the AKO Foundation in 2013, which supports charitable initiatives to improve education, promote the arts and mitigate climate problems. Prior to this, Tangen was a partner and senior analyst at Egerton Capital and an equity analyst at Cazenove & Co.
Tangen holds a Bachelor’s Degree in finance from the Wharton School and Master’s Degrees in the History of Art from the Courtauld Institute of Art and in Social Psychology from the London School of Economics. He has also studied Russian at the Norwegian Armed Forces’ School of Intelligence and Security.
Trond Grande is responsible for the administration area. He is also deputy head of the daily management of the fund and the operation and development of Norges Bank Investment Management.
Grande was appointed Chief of Staff/Deputy Chief Executive Officer on 6 October 2020. He held the role as Deputy Chief Executive Officer since February 2011. From April of the same year and until the end of 2017, he was also Chief Administrative Officer. From 1 October 2014 to 1 January 2016, he had the day-to-day responsibility for the real estate organisation. Grande joined Norges Bank Investment Management in November 2007 as Global Head of Risk Management and has later also filled the role of Deputy Chief Operating Officer. He was named Chief Risk Officer in October 2009.
Grande previously spent 11 years at Storebrand Kapitalforvaltning and held positions including Senior Vice President Finance and Senior Vice President Financial Risk Management.
Grande holds a Master's Degree in International Management from the Norwegian School of Economics (NHH) and ESADE in Barcelona. He also has an MBA in finance from the Norwegian School of Economics.
Birgitte Bryne is responsible for fulfilling the strategy and action plan for the Technology and Operations area. This includes processes in IT and administrative services, in addition to the trading processing, measurement and reporting and investment and administrative services.
Birgitte Bryne was appointed Chief Technology and Operating officer 1 April 2022. Prior to this she held the position as Chief Operating Officer from October 2020. She joined Norges Bank Investment Management in September 2015 as Global Head of Investment Administration.
Bryne came from the position as CFO at Nordea Bank Norge ASA. She has held various positions in SEB Enskilda Securities ASA, amongst other derivatives trader, Chief of Staff and COO for Equities.
She has a Bachelor degree from Oslo University College (HIO) in Economics and Business Administration.
Dag Huse is responsible for the analysis, monitoring, measurement and reporting of investment risk and return for the fund.
Huse was appointed Chief Risk Officer on 1 October 2014. He joined Norges Bank Investment Management in May 2003 as a Senior Portfolio Manager. He was named Global Head of Investment Risk in October 2012.
Prior to joining Norges Bank Investment Management, Huse held positions at Alfred Berg Norge AS, DnB Investor AS and Elcon Securities AS.
Huse has a Master's Degree in Business from the Norwegian School of Economics (NHH).
Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services.
Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in August 2017 as Global Head of Ownership Strategies and was promoted to Chief Corporate Governance Officer on 1 January 2018.
Prior to joining Norges Bank Investment Management, Ms Ihenacho was Vice President Legal and Chief Compliance Officer in Statoil ASA. She has more than 20 years’ experience as a lawyer, working in both financials and the oil and gas industry, as well as in law firms. She also has extensive board experience.
Ihenacho holds a law degree from the University of Oslo, a Master of Law from Harvard Law School and a Master of Economics from the Norwegian School of Economics (NHH).
Malin Norberg is co-responsible for portfolio management, external management security selection, security lending and trading.
Norberg was appointed co-Chief Investment Officer Asset Strategies on 1 April 2023. Norberg came from the position as Global Head of Fixed Income Trading that she held since January 2021. She joined Norges Bank Investment Management as a System Analyst in the Technology area in September 2009. She later became a Fixed Income Trader before she was named Head of EM Debt Trading in June 2018. Norberg held this position until January 2021 when she was appointed Global Head of Fixed Income Trading.
Norberg holds a Master of Science in Industrial Engineering and Management from Lund Institute of Technology (LTH) in Sweden.
Pedro Furtado Reis is co-responsible for internal equity and credit security selection, external manager security selection. He is also co-responsible for investments in real estate and renewable energy infrastructure.
Pedro Furtado Reis was appointed Co-Chief Investment Officer Equities on 1 July 2022. Furtado Reis came from the position as Global co-Head of Sector Strategies that he held since 1 January 2021. He joined Norges Bank Investment Management on 15 August 2011 as a Banks Portfolio Manager, later becoming a Senior Portfolio Manager and Head of Banks in 2014. He held this position until the end of 2020, before he was appointed Global co-Head of Sector Strategies.
Prior to joining Norges Bank Investment Management, Furtado Reis was a specialist in Financials at hedge fund Theorema Asset Management between 2006 and 2011. Pedro spent the previous five years in Equity Research as a Director at UBS Investment Bank, as part of its top-rated European Banks team.
Pedro Furtado Reis holds a degree in Economics with a specialisation in Finance from Universidade Nova de Lisboa.
He is a Portugese and British citizen.
Daniel Balthasar is co-responsible for internal equity and credit security selection, external manager security selection. He is also co-responsible for investments in real estate and renewable energy infrastructure.
Daniel Balthasar was appointed Co-Chief Investment Officer Equities on 1 July 2022. Balthasar came from the position as Global co-Head of Sector Strategies that he held since 1 January 2021.He joined Norges Bank Investment Management on 1 September 2006 as a Portfolio Manager, later becoming Head of Basic Industries and Automotive in Sector Strategies. He held this position until the end of 2020, before he was appointed Global co-Head of Sector Strategies.
Prior to joining Norges Bank Investment Management, Balthasar was Vice President at Deutsche Asset Management between 2001 and 2006.
Daniel Balthasar holds a degree from Frankfurt School of Finance and Management and is a CFA Charterholder.
He is a German citizen.
Ada Magnæs Aass is responsible for the human resources area, which includes employer branding, recruitment, onboarding, employee and leadership development, employment law and operational areas such as payroll, employee benefits, tax and international mobility.
Ada Magnæs Aass was appointed Chief Human Resources Officer at Norges Bank Investment Management on 1 April 2023. She was previously Chief People & Organisation Officer at Norges Bank. Magnæs Aass started at Norges Bank Investment Management in June 2014 and has held a variety of positions at the fund and elsewhere at Norges Bank.
Prior to joining Norges Bank Investment Management, Magnæs Aass worked as a manager at Accenture, consulting on HR, change management and development. She also has experience from the voluntary sector.
Magnæs Aass holds a Master's degree in International Business from Grenoble Graduate School of Business, a bachelor’s degree from BI Norwegian Business School and courses in law from the University of Bergen.
Marthe Skaar is responsible for the Communications and External Relations area and has strategic responsibility for all global communication activities, including media relations and other external communications, the fund’s reporting and website, internal communications, speechwriting and participating in external meetings.
Marthe Skaar was appointed Chief Communications and External Relations Officer on 1 April 2023. She was previously Acting Chief of Communications at Norges Bank and, before that, Global Head of Communications and External Relations for the fund. Skaar started at Norges Bank Investment Management in June 2013 and has held a variety of positions at the fund and elsewhere at Norges Bank.
Before joining Norges Bank Investment Management, Skaar was managing news and analysis editor at Six Financial Information. She also worked as a financial journalist and expert commentator on economics for Norwegian financial newspapers.
Skaar holds an Executive Master of Management in energy from BI Norwegian Business School and IFP School in Paris, studied international studies specialising in economics at the University of Oslo, and has a bachelor’s degree in journalism from Volda University College.
