OSLO, Dec 7 (Reuters) - Norwegian conglomerate Aker ASA
has hired Yngve Slyngstad, the former head of Norway's
sovereign wealth fund, to lead its asset management unit,
focusing on renewable energy projects, the company said on
Aker said the goal was to establish funds totalling 100
billion euros ($113 billion) that would invest both in projects
by Aker companies and in projects by third parties, without
providing a timeframe for reaching this value.
"We will initiate a dialogue with some of the largest
investors in the world and Aker Asset Management will be a
global organisation with offices in Tokyo, Paris, New York and
London," Aker CEO Oeyvind Eriksen told Reuters. "My expectation
is that over time we will have partners and investors from
basically all geographies."
Aker said Slyngstad, 59, will be tasked with building Aker
Asset Management (AAM) as a new business area "on par with the
company's industrial holdings."
Aker's industrial investments include stakes in oil firm
Aker BP, green technologies firm Aker Horizons
and industrial software firm Cognite.
"To a large extent, my job (at the oil fund) has been about
building investment organisations and teams within those
organisations and it is the same thing I'm going to contribute
to here," Slyngstad told Reuters. "You make sure you find the
right people to make the investment decisions."
Slyngstad said AAM would try to capitalise on investors'
interest in green investments and the energy transition, while
benefiting from Aker's industrial expertise, to create
Eriksen said AAM will consist of different investment
vehicles "from early phase investments in industrial software
and technology companies to private equity and large
infrastructure investments focused on clean energy, green
industries and green cities".
AAM will be majority owned by Aker, which will invest in the
different funds with varying amounts, with key staff as
co-owners, including a 5% stake for Slyngstad.
Aker Horizons has been already in a dialogue with anchor
investors for setting up the first energy infrastructure fund.
"My expectations are that we would conclude these dialogues
over the course of the next year," Eriksen said.
(Reporting by Terje Solsvik; Editing by Nerijus Adomaitis and