Stockholm (NordSIP) – Norges Bank’s Executive Board has announced the appointment of Nicolai Tangen as the new CEO of Norges Bank Investment Management, a position he will official tale up in early September 2020. Tangen will replace Yngve Slyngstad, who announced his resignation in October 2019.
“The Executive Board feels confident in Nicolai Tangen being the best candidate to manage the Government Pension Fund Global. 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”, says Chair of the Executive Board Øystein Olsen.
Nevertheless, Tangen is a relative outsider to the Norwegian asset management industry. For the last 28 years, he has been living in London, where he is the CEO of AKO Capital, an asset manager which he established in 2005. The partnership has around 70 employees and manages funds for universities, charitable foundations and family offices.
“For me, the opportunity to manage the Government Pension Fund Global is a dream job. 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, Nicolai Tangen says.
Tangen has a degree in finance from Wharton School of Finance and Master’s degrees in the History of Art from the Courtauld Institute of Art and in Social Psychology from the London School of Economics. He has also studied Russian at the Norwegian Armed Forces’ School of Intelligence and Security.
“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”, Øystein Olsen says.
Image courtesy of NBIM