Norway’s SWF appoints new CEO

Norway’s sovereign wealth fund Norges Bank IM has announced the appointment of Nicolai Tangen as new CEO.

Tangen will take up the position in early September 2020.

‘The Executive Board feels confident in Nicolai Tangen being the best candidate to manage the Government Pension Fund Global. Tangen has built up one of Europe’s leading investment firms and has delivered very good financial results as an international investment manager. He has extensive experience with equity management, which is the fund’s largest asset class,’ said Chair of the Executive Board Øystein Olsen.

The appointment follows the resignation of Yngve Slyngstad announced in October last year.

Tangen is CEO of AKO Capital, which he established in 2005. Today, the partnership has around 70 employees and manages the funds of universities, charitable foundations and family offices. AKO Capital is based in London, where Tangen has resided for the last 28 years.

‘For me, the opportunity to manage the Government Pension Fund Global is a dream job. It is with great humility and pride that I will continue and further develop the impressive work that Yngve Slyngstad and his team in Norges Bank Investment Management has carried out with ensuring high return on the oil wealth of all Norwegians and being at the forefront of developing a responsible ownership and investment practice globally,’ Nicolai Tangen commented.

Tangen will move to Norway, pay tax to Norway, and have Oslo as his place of work upon taking up the position in Norges Bank Investment Management.