Strong SRI fund loses its head

Norges Bank Investment Management (NBIM), the arm of the central bank which runs the NOK3trn (€385bn) Government Pension Fund Global, announced in a very brief message late on Friday that Chief Investment Officer Bengt Enge has stepped down with immediate effect. This is just one day after that Trond Grande was named Deputy CEO after two years as Head of Risk Management.

Enge, who was based in London, joined NBIM in 1998 and was named CIO in 2009. He was appointed as part of a new senior team brought in after the fund suffered a return of -23.3% in 2008 in the wake of the financial crisis.

NBIM added that Chief Executive Yngve Slyngstad would take over the CIO role until a permanent replacement is in place. Enge had taken over from Slyngstad in the CIO role.

The news is important because the pension fund owns around 1% of all global listed equities and is one of the world’s most prominent responsible investors.

The new are interesting because the pension fund have been under fierce criticism for its investment decisions especially related to Burma. There is however, no word if the two cases are related but according to the latest financial report 3Q 2010 the fund had its fifth best result ever.

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