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World's Largest Fund Appoints New CEO for Real Estate Group

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Norway’s sovereign wealth fund, Norges’ Bank Investment Management, just named Karsten Kallevig CEO of its Real Estate group.

Karsten rose through Norges’ ranks, coming on as head of property investments where he put together a $18B portfolio, and moving up to be chief investments officer before this new promotion.

Norges created the real estate group in July, with plans to expand its real estate holdings from 3% to 5% of its assets, according to Bloomberg. The fund could push that up to 10% if it gets the go-ahead from the finance ministry.

The $840B fund’s plan is working so far—it managed to bounce back in Q4 from its biggest loss in four years during Q3. [Bloomberg]