Nicolai Tangen pays a big price for his new gig
The incoming boss of Norway’s oil fund sells off his sizeable personal investments
THE BIGGEST crisis in the 24-year history of the world’s biggest sovereign-wealth fund was defused at the very last minute. On August 24th Norges Bank Investment Management (NBIM) announced that Nicolai Tangen, its incoming boss, would liquidate his entire stake in AKO Capital, the $20bn hedge fund he founded. He will transfer it to AKO Foundation, a charity he set up in 2013. He will also sell his personal investments and park the proceeds in a bank account. Although Mr Tangen had previously ruled out selling up, he gave in to mounting political pressure in order to begin what he has called his “dream job” on September 1st.
This article appeared in the Finance & economics section of the print edition under the headline “An expensive dream”
Finance & economics August 29th 2020
- In twenty years, exchanges have gone from clubby firms to huge conglomerates
- Phil Hogan, Europe’s trade commissioner, resigns
- Ant Group IPO filing shows its might
- The explosion at Beirut’s port will blow a hole in insurers’ balance-sheets
- Nicolai Tangen pays a big price for his new gig
- Efforts to rein in house prices are fuelling discontent in Seoul
- For fixed-income investors, hell is other bondholders
- Psychological scars of downturns could depress growth for decades
From the August 29th 2020 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Finance & economics
Do tariffs raise inflation?
Usually. But the bigger problem is that they harm economic growth and innovation
European governments struggle to stop rich people from fleeing
Exit taxes are popular, and counter-productive
Saba Capital wages war on underperforming British investment trusts
How many will end up in Boaz Weinstein’s sights?
Has Japan truly escaped low inflation?
Its central bankers are increasingly hopeful
How American bankers dodged the MAGA carnage
The masters of the universe have escaped an anti-globalist revolt
China’s financial system is under brutal pressure
When will something break?