New CEO of $1.2 Trillion Sovereign Investor Drops Hedge Fund
- Nicolai Tangen to give up stake in AKO, place fortune in bank
- New terms may put an end to political storm over appointment
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The hedge fund manager set to run Norway’s sovereign wealth fund has agreed to sever all ties to the investment firm he founded, in a move that looks set to end a political storm that had threatened to derail his appointment.
Nicolai Tangen and Norges Bank, which manages the wealth fund, agreed to new contractual terms for the incoming CEO during a meeting on Monday. The revised agreement followed demands made last week by Norway’s parliament targeting potential conflicts of interest tied to Tangen’s controlling stake in AKO Capital LLP.