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New oil fund manager could frequently be disqualified for investment decisions

The future manager of the Norwegian oil fund Nicolai Tangen may be disqualified when making certain investment decisions because of his ties to the hedge fund group Ako, according to Norwegian legal experts.

Nicolai Tangen, founder of the Ako hedge fund group and future manager of the Norwegian oil fund. | Photo: Tony Colli/PR

On Wednesday, the Board of Directors of Norwegian central bank, Norges Bank, is scheduled to approve the employment agreement with new oil fund manager Nicolai Tangen. But the bank still has not worked out all of the legal issues regarding his ties to hedge fund group Ako, reports Norwegian business daily Dagens Næringsliv.

In recent weeks, the central bank and Tangen have been working to find a solution to stop Tangen's ownership share in management company Ako Capital and his interests in the Ako Foundation conflicting with the job as head of Norges Bank Investment Management (NBIM), the company that manages the oil fund.

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