Norges Bank’s Executive Board has employed Nicolai Tangen as the new CEO of Norges Bank Investment Management.
Tangen will take up the position in early September 2020 according to plan.
“The Executive Board feels confident in Nicolai Tangen being the best candidate to manage the Government Pension Fund Global. Tangen has built up one of Europe’s leading investment firms and has delivered very good financial results as an international investment manager. He has extensive experience with equity management, which is the fund’s largest asset class”, says Chair of the Executive Board Øystein Olsen.
After Yngve Slyngstad announced his resignation in October last year, Norges Bank’s Executive Board has carried out a broad search and a thorough employment process to find his successor, supported by the recruitment agency Russell Reynolds Associates.
Tangen is CEO of AKO Capital, which he established in 2005. Today, the partnership has around 70 employees and manages the funds of universities, charitable foundations and family offices. AKO Capital is based in London, where Tangen has resided for the last 28 years.
“For me, the opportunity to manage the Government Pension Fund Global is a dream job. It is with great humility and pride that I will continue and further develop the impressive work that Yngve Slyngstad and his team in Norges Bank Investment Management has carried out with ensuring high return on the oil wealth of all Norwegians and being at the forefront of developing a responsible ownership and investment practice globally”, Nicolai Tangen says.
Tangen has a degree in finance from Wharton School of Finance and Master’s degrees in the History of Art from the Courtauld Institute of Art and in Social Psychology from the London School of Economics. He has also studied Russian at the Norwegian Armed Forces’ School of Intelligence and Security. Tangen will move to Norway, pay tax to Norway, and have Oslo as his place of work upon taking up the position in Norges Bank Investment Management.
“Throughout the employment process, Nicolai Tangen has demonstrated a deep understanding of the challenges associated with managing Norges Bank Investment Management and of developments in the international capital market”, Øystein Olsen says.