Norway's sovereign wealth fund is set to lose one of its most senior investment executives, as Øyvind Schanke becomes the new chief executive at the country's best-known active investment manager.

Schanke has been with Norges Bank Investment Management, which runs the $858 billion sovereign fund, since 2001 and was promoted to chief investment officer for asset strategies in 2014; a role giving him broad oversight of the fund's equity and fixed income portfolios.