CEO Drama at $1.2 Trillion Wealth Fund Hits New Hurdle
Photographer: Hakon Mosvold Larsen/AFP/Getty Images
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The hedge fund manager selected to run Norway’s $1.2 trillion sovereign wealth fund faces growing political opposition after a parliamentary majority emerged to demand that his contract be reviewed for potential conflicts of interest.
Nicolai Tangen, the founder of AKO Capital LLP, is due to start as chief executive of the world’s biggest wealth fund on Sept. 1. But on Wednesday, Norway’s Progress Party tipped the scales against a smooth appointment when it threw its weight behind demands that the government review the recruitment process.