Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. Sovereign Wealth Funds
May 28, 2020 10:18 AM

Norway signs contract for sovereign wealth CEO

Sophie Baker
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Nicolai Tangen
    Bloomberg

    Incoming Norges Bank CEO Nicolai Tangen signed a contract with Norges Bank’s executive board, following investigations into conflicts of interest.

    Norges Bank's executive board has signed an employment contract for the new CEO of the world's largest sovereign wealth fund, following investigations into potential conflicts of interest.

    Nicolai Tangen will become CEO of Norges Bank Investment Management, the in-house manager of the 10.4 trillion Norwegian kroner ($1 trillion) Government Pension Fund Global, Oslo, effective Sept. 1, according to a notice published on the central bank's website.

    Mr. Tangen founded the $17 billion hedge fund AKO Capital in 2005, "and has since acquired substantial wealth," the notice said. His ongoing association with the London-based firm had been investigated by the central bank's supervisory council.

    "The employment contract creates sufficient distance between Nicolai Tangen's private finances, the AKO system and the job that he will carry out as CEO of Norges Bank Investment Management," Oystein Olsen, governor of Norges Bank, said in the notice. "Mechanisms are established which ensure that Tangen will have no influence on his fund investments for as long as he is employed by Norges Bank, and which prevent possible conflicts of interest and impartiality."

    Under the employment contract, Mr. Tangen's voting right in AKO Capital has been reduced to 43% and a trustee has been appointed to exercise his voting rights. His previous voting right could not immediately be learned. Mr. Tangen will step down from all directorships in AKO companies, and all relevant boards of directors have been "changed so that they do not have a majority of members with close ties" to Mr. Tangen, the notice said.

    All dividends related to his ownership of AKO Capital will be donated to the AKO Foundation, London. The foundation, which supports charitable causes that seek to improve education, promote the arts or mitigate climate problems, was established in 2013 by Mr. Tangen. The foundation had total funds of £120.5 million ($158 million) as of Dec. 31.

    Mr. Tangen's personal wealth in the AKO strategies will be managed by Norwegian manager Gabler Investments SA. All dialogue will be handled by a proxy. "This means that Tangen will not know what he is invested in, and it ensures that unwanted information is not received by Tangen," the notice said.

    Finally, for six months after leaving the AKO role, Mr. Tangen cannot provide services to or take up directorships within the AKO system.

    "With Nicolai Tangen, we will have a highly skilled leader of the Government Pension Fund Global. Tangen is a man with good leadership skills and unique experience from international capital markets. Tangen will take a competent organization to new levels in the years to come," Mr. Olsen said.

    Mr. Tangen's annual salary will be 6.65 million kroner ($672,000), according to a document published Thursday by the central bank.

    Mr. Tangen will replace Yngve Slyngstad, whose resignation was announced last year. Investigations had also taken place regarding the relationship between Messrs. Tangen and Slyngstad, after it emerged that Mr. Slyngstad had accepted a flight paid for by Mr. Tangen, following his attendance at a conference also arranged by Mr. Tangen. Mr. Slyngstad was cleared of an ethics breach in April.

    Related Articles
    Historic asset sale at $1 trillion fund gives Norway an edge
    Norway’s domestic wealth fund takes coronavirus hit in Q1
    Norway wealth fund chief cleared of ethics breach
    Recommended for You
    norway flag 1550_i.jpg
    Norwegian wealth fund reports -14.4% first-half return as geopolitics, tech exposure bite
    Korea Investment Corp. appoints new CIO, chief risk officer
    ONLINE_180739971_AR_-1_YPPEBGKXNKNU.jpg
    Alaska Permanent returns -1.3% for fiscal year, topping benchmark

    Reader Poll

    August 10, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Gaining Momentum: Where Next for Trend-Following?
    How Has 2022's Carnage Reshaped Global Stock and Bond Markets?
    Can Sustainable Labeling of Financial Products Prevent Greenwashing?
    Hedge Funds 2.0: Back to the future
    Is there a mid-cap gap in your DC plan?
    Why pursue direct lending in the core middle market?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    August 1, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit