Norway wealth fund to replace real estate chief in reshuffle

OSLO (Reuters) - Norway’s $1.15 trillion sovereign wealth fund is replacing its head of real estate investments as part of an upcoming management reshuffle, it said on Friday.

Karsten Kallevig, who built up the fund’s real estate investments since they started a decade ago, will become a special adviser to recently appointed chief executive Nicolai Tangen, and will no longer be part of the leadership team.

“I am pleased to have Karsten in a more strategic role,” Tangen said in a statement. “He has built a high-quality organisation over the past decade and carries with him valuable investment experience which will benefit us going forward.”

The fund now plans to recruit a head of so-called real assets, it added.

The new leadership group is scheduled to be announced in October.

Reporting by Gwladys Fouche, editing by Terje Solsvik