New CEO of Norway’s EUR 906 billion fund in make-or-break moment

Norway is about to reveal whether the man chosen to run its EUR 906 billion (USD 1 trillion) wealth fund has passed a key test to prove he won’t be bogged down by conflicts of interest.

Nicolai Tangen, CEO, Norwegian oil fund | Photo: Tony Colli/PR

On Wednesday, the entity that asked London-based hedge-fund manager Nicolai Tangen to become chief executive of the fund is meeting to discuss how to get him past the finish line.

The Executive Board of Norges Bank, which manages the fund, needs to prove to its watchdog that Tangen’s handling of his personal wealth -- an estimated EUR 784 million (USD 865 million) -- won’t be an issue. It also needs to address his firm’s use of tax havens and how that affects the transparency around his assets.

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