3/26, 12:33 PM (Source: TeleTrader)
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Norwegian $930B oil fund appoints new CEO

The Norges Bank announced on Thursday it appointed Nicolai Tangen as the next chief executive of the country's oil fund.

Tangen will be replacing Yngve Slyngstad who headed the largest sovereign fund in the world for 12 years. He is the founder of AKO Capital, a hedge fund with $16 billion of assets under management. In comparison, the oil fund currently has a $930 billion investment portfolio, down 16% from more than $1 trillion at the end of last year due to the coronavirus pandemic.

"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," Norway's central bank governor Oystein Olsen said.

Breaking the News / MD