Knut Kjr quits Norway's oil fund

Kjr said he was leaving the fund to pursue new challenges but will remain with the fund until a successor has been found. The governor of Norges bank, Svein Gjedrem, praised his contribution during a particularly important phase of the Fund's development. "Kjr has contributed to achieving excellent results, building up an efficient management organisation and to the Fund's renown at home and abroad."

He added: " We are now faced with the demanding task of finding his successor."

Kjr led the project that prepared the ground for the management of the petroleum fund and the bulk of the foreign exchange reserves and in January 1998 he became head of NBIM, the new organisation set up for this.

The Fund was grwon rapidly from an initial capital transfer of $300m in 1996 to total assets of around $370 billion, including Norges Bank's foreign exchange reserves. NBIM has a staff of approximately 150 from around 15 countries and has offices in Oslo, London, New York and Shanghai.