Norges Bank Deputy Governor Egil Matsen, who was the first to hold a position created specifically for overseeing the fund, will step down before his six-year term was due to end in 2022, citing a wish to spend more time with his family.

The departure comes not long after the chief executive of the sovereign wealth fund -- Yngve Slyngstad -- announced his decision to step back, after 12 years. Norway must now replace at least one deputy governor at the central bank, as well as Slyngstad.

The change of guard coincides with efforts to better delineate work at the central bank, which oversees both monetary policy and management of the EUR 1tn fund.