Claus Tofte Nielsen, chairman of the Covered Bond Investor Council, has taken on the role of head of position management, allocation strategies, at Norges Bank Investment Management.

Nielsen was until recently senior portfolio manager at NBIM, which manages Norway’s oil fund, the Government Pension Fund Global, but is now heading the allocation strategies department.

The department is responsible for the overall risk positioning of the fund, overlay positions establishing total fund exposures, as well as management of dedicated portfolios in chosen market segments.

Nielsen’s appointment comes after a series of top level organisational changes, with NBIM chief investment officer Bengt Enge having left in March and chief executive officer Yngve Slyngstad taking on the role of chief investment officer for allocation. Slyngstad will head the allocation strategies department.

In April Petter Johnsen was appointed chief investment officer for equities and Karsten Kallevig chief investment officer for real estate. A new position, chief of staff, was filled by deputy chief executive officer Trond Grande, who formerly held the position of chief risk officer, a role that has been taken on by Jan Thomsen.