Yngve Slyngstad has been one of the most powerful investors in the world for many years.

As head of the Norwegian sovereign wealth fund, he managed assets equivalent to around one trillion euros.

The fund, which Slyngstad managed from 2008 to 2020, is considered the largest shareholder in the world, holding stakes in more than 9,000 companies around the world.

Now he is to be elected to the supervisory board of Deutsche Bank, as the institute announced on Friday.

At the next general meeting on May 19, the shareholders are to elect him.

He will then replace former Google manager Gerhard Eschelbeck on the bank's supervisory board, who will not be running for re-election after his five-year term in office has expired.

Tim Kanning

Editor in Business.

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Deutsche Bank hopes that the 59-year-old Slyngstad will provide impetus for improving sustainability and for industrial customers to become more climate-friendly.

"We will benefit from his network in the financial sector worldwide as well as from his extensive experience as one of the pioneers of sustainable investments and from his focus on current climate and energy policy issues," said Mayree Clark, Chair of the Nomination Committee on the Supervisory Board.

Slyngstad said: "Deutsche Bank plays a crucial role in the future of the European financial industry and in financing the transition to a sustainable and carbon-neutral economy."

Change at the top of the supervisory board

With Slyngstad, the chairman of the supervisory board, Paul Achleitner, shortly before his departure in May, has once again gained a manager who is highly regarded on the financial markets for the bank's supervisory body.

He himself said that he was staying true to his approach of “bringing together highly competent people in a diverse Supervisory Board from whose expertise and judgment the bank benefits”.

Achleitner will resign as Chairman of the Supervisory Board at the next Annual General Meeting after ten years.

He is to be succeeded by the Dutch financial manager Alexander Wynaendts.

If the bank brought in Eschelbeck, who is now leaving, in order to increase the IT competence in the supervisory body, Wynaendts is now considered an expert for technical questions.

Farewell to a corruption scandal

Slyngstad successfully managed the Norwegian sovereign wealth fund, which aims to increase the country's income from its rich oil reserves for future generations, and has repeatedly caused a stir with high moral standards for its investments.

It was only at the very end of his time there that he and the institution involved in a serious corruption scandal.

As a Norwegian newspaper revealed at the time, in 2019 Slyngstad, together with several other big names from Norway's politics and business, was invited by hedge fund manager Nicolai Tangen to a conference in Philadelphia, USA - including a Sting concert and a return flight in a private jet.

What is particularly piquant about it: Shortly thereafter, Tangen was appointed as Slyngstad's successor and today runs the sovereign wealth fund.

Slyngstad initially stood by Tangen as an advisor.

Earlier this month he moved to Norwegian investment company Aker ASA, according to Deutsche Bank.

There he leads the newly created Wealth Management division, which focuses primarily on investments that are required in view of the energy transition and climate change.

The personnel is perhaps also interesting in other respects.

Slyngstad has always had a strong equity focus throughout his career.

The Norwegian sovereign wealth fund has also always relied heavily on equity investments.

Deutsche Bank boss Christian Sewing had almost completely stopped the institute's share business as part of his restructuring program.

There has long been speculation in the market as to whether the bank can limit itself so much to the bond business in the long term.

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