Norges Bank picks deputy governor to oversee wealth fund

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Oystein Borsum was appointed deputy governor of Norway’s central bank, with special responsibility for the world’s largest sovereign wealth fund.

Mr. Borsum takes on a six-year term in the role, a news release on the Norwegian government’s website said Friday. The appointment date was not available.

He will have special responsibility for overseeing the management of the Government Pension Fund Global, Oslo, which had 11.03 trillion Norwegian kroner ($1.29 trillion) in assets as of March 31.

Jon Nicolaisen, previously deputy governor of Norges Bank with responsibility related to GPFG, resigned in December after his security clearance from the Norwegian Civil Security Clearance Authority was not renewed.

Mr. Borsum is well-qualified for the role and will provide the central bank’s executive board with additional capacity and valuable expertise, Jan Tore Sanner, Minister of Finance, said in the release.

Mr. Borsum is chief economist at Swedbank, the release said.

Spokesmen could not immediately be reached for comment.

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