The manager of one of the world's largest asset pools, the €196bn ($251bn) Norwegian Government Pension Fund, is recruiting staff as it prepares for a possible shift in investment strategy.

Norges Bank Investment Management, responsible for the fund and €28bn of other assets, wants a chief strategist, responsible for investment strategy and asset allocation; a chief financial officer, in charge of the manager's internal accounts; and a chief risk officer. The first two will report to chief executive Knut Kjaer and the third to the governing board. The chief strategist will manage a newly-established investments department. The Government Pension Fund was established in 1997 as a reserve for Norway's oil revenues (above) and to help pay for the country's projected social security costs. Its assets will soon surpass Norway's annual gross domestic product and could reach €500bn by the end of the decade. The fund, which has offices in New York, London and Oslo, is also planning a presence in Asia. It manages 80% of its assets internally and invests 60% of assets in fixed income, with the balance in equities. Kjaer told a conference in Norway this month the fund should have a broader investment profile. He said Norges Bank would submit recommendations to the ministry of finance to include property and private equity in the management strategy. Any change would have to be approved by the ministry and by the Storting, Norway's parliament. A spokeswoman for Norges Bank said the three hires were part of a wider recruitment drive at the asset management division and, if the change in allocation went ahead, there would need to be further hires.