Karsten Kallevig has become part of the 12-strong leadership team behind Norway’s sovereign wealth fund, stepping into the new role of real estate CIO at Norges Bank Investment Management (NBIM) after the bank’s decision to liquidate the separate real estate arm he ran.

NBIM, which manages the NOK8.6trn (€883bn) Government Pension Fund Global (GPFG), announced on 6 February it would cut its separate real estate operation, Norges Bank Real Estate Management (NBREM), with effect from 1 April this year.

Kallevig had been NBREM’s chief executive since it started in July 2014.

As part of the changes announced by Norges Bank today, Nina Hammerstad has been appointed as chief people and operations officer at NBIM, moving from her previous role as chief operating officer of NBREM.

NBIM is reducing its real estate allocation from 7% to 3.5% and is making changes to its team as a result of the integration of its property arm.

Norges also said that Sirine Fodstad, chief human resources officer at NBIM, is leaving on 31 May for a new role as chief executive for Norwegian shipping and investment company Grieg Maturitas.

Per Løken, Romain Veber and Mie Holstad — respectively CIO US, CIO Europe and chief administrative officer for NBREM — will move to NBIM and continue to report to Kallevig.

NBIM also said Jan Thomsen will now report to Stephen Hirsch, chief compliance and control officer, and Lars  Dahl will be in the investment risk department, led by Dag Huse.