Norges Bank Investment Management (NBIM), which is responsible for the investments of the Government Pension Fund Global, has revealed that Nicolai Tangen is to become its new chief executive officer.

Tangen, who is taking over the position from Yngve Slyngstad, will take up the role in early September, NBIM stated. He is currently 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.

Commenting on the appointment, Executive Board chair, Øystein Olsen, said: “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.”

Olsen added that throughout the employment process, Tangen demonstrated a “deep understanding of the challenges associated with managing NBIM and of developments in the international capital market”.

After Slyngstad announced his resignation in October last year, Norges Bank’s Executive Board carried out a broad search and a thorough employment process to find his successor, supported by the recruitment agency Russell Reynolds Associates, it stated.

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.

Speaking about his own appointment, Tangen said: “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 NBIM 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.”

As part of the appointment, he will move to Norway, pay tax to Norway, and have Oslo as his place of work upon taking up the position in NBIM.

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