Nicolai Tangen was named CEO of Norges Bank Investment Management, the manager of the 9.9 trillion Norwegian kroner ($842.5 billion) Government Pension Fund Global, Oslo.
Mr. Tangen will replace Yngve Slyngstad in early September, NBIM announced Thursday. Mr. Slyngstad will remain in his position until Mr. Tangen arrives. Mr. Slyngstad's resignation was announced in October. At the time, NBIM said he will remain at the Norwegian sovereign wealth fund. Mr. Slyngstad’s responsibilities based on the fund’s current plan will include building up unlisted renewable energy infrastructure as a new investment area, a spokeswoman said.
“(Mr.) 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,” Oystein Olsen, chairman of the NBIM executive board, said in a news release. "Throughout the employment process, Nicolai Tangen has demonstrated a deep understanding of the challenges associated with managing Norges Bank Investment Management and of developments in the international capital market," Mr. Olsen said in the release.
Mr. Tangen is CIO and co-CEO of investment management firm AKO Capital in London, which has $17 billion in assets under management.He will be replaced by Patrick Hargreaves, portfolio manager, who has served as co-CEO alongside Mr. Tangen in the past 12 months. Mr. Tangen will also step down as the firm’s chairman; no replacement has been named.
There were eight applicants to the role, according to information published on NBIM's website.