Stockholm (HedgeNordic) – The Norwegian sovereign wealth fund has named Nicolai Tangen (pictured) as its new chief executive. Tangen, who founded and led a London-based partnership managing about $16 billion across long-only and long/short equity funds, will take the helm at Norges Bank Investment Management (NBIM) in early September.
“The Executive Board feels confident in Nicolai Tangen being the best candidate to manage the Government Pension Fund Global,” says Øystein Olsen, Chair of Norges Bank’s Executive Board. “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.”
Tangen is the CEO of AKO Capital, which he established in 2005. The London-based partnership has about 70 employees and manages funds of universities, charitable foundations and family offices. According to an announcement by AKO Capital, Tangen “was approached to consider the role after our announcement last December about his intention to step back from day-to-day involvement at AKO Capital.” Following a rigorous process, Tangen “has been selected for – it is no exaggeration to say – one of the most significant roles in global finance.” NBIM is the world’s largest sovereign wealth fund, with a current market value of over $950 billion. Tangen will succeed Yngve Slyngstad, who announced his resignation last year.
“For me, the opportunity to manage the Government Pension Fund Global is a dream job,” Tangen comments on his appointment. “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.”
After spending the last 28 years in London, Tangen will move to Norway and have Oslo as his place of work upon taking up the position at Norges Bank Investment Management. “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,” Olsen added.
Photo by Tony Colli