Norges Bank changed its ethical rules before Tangen hearing

The Norwegian central bank has changed its ethical regulations after realizing conflicts of interest could arise when Norwegian hedge fund manager and philanthropist Nicolai Tangen starts managing the NOK 10 trillion Norwegian oil fund.

Hedge fund manager and philanthropist Nicolai Tangen will take over the management of the Norwegian oil fund in September. | Photo: Ntb Scanpix/Reuters/Ritzau Scanpix

In June, the Norwegian Central bank's executive board changed its ethical regulations. This happened after Norges Bank itself in May pointed out that incoming oil fund chief, Nicolai Tangen had a conflict of interest due to his NOK 4.5bn (EUR 419m) private fortune, Norwegian newspaper VG reports.

On Thursday, Norges Bank told VG that the ethical changes had nothing to do with Tangen's employment.

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