CEO selection at world’s biggest wealth fund slammed by watchdog

The watchdog overseeing Norway’s EUR 924 billion sovereign wealth fund has delivered a scathing critique of the recruitment process of its next chief executive.

Nicolai Tangen, future CEO of the Norwegian oil fund. | Photo: Tony Colli/PR

Nicolai Tangen, the London-based hedge fund manager picked to start running the world’s biggest wealth fund from September, has become the center of a deep controversy surrounding the investing giant, due to his personal wealth and his firm’s use of tax havens.

On Monday, Norges Bank’s Supervisory Council said Tangen’s selection raised serious questions around conflicts of interest, and has demanded that the central bank, which manages the fund and ran the hiring process, provide answers.

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