Tangen sells hedge fund stake to take top job in Norway's oil fund

Nicolai Tangen may now move forward with plans to take over leadership of the Norwegian sovereign wealth fund after having offloaded ownership in a hedge fund.

Photo: Ntb Scanpix/Reuters

Norwegian financial profile Nicolai Tangen has dissolved his ownership in hedge fund AKO Capital and may now proceed in his appointment as chief executive of the Norwegian sovereign wealth fund from September 1, informs Norwegian Central Bank Governor Øystein Olsen at a press conference Monday evening.

The oil fund, which manages the country's capital gleaned from oil and gas sales, has been embroiled in a crisis surrounding the CEO appointment.

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