The chief executive of AKO Capital, Nicolai Tangen, will take to the helm of Norges Bank Investment Management in early September.
He succeeds Yngve Slyngstad, who announced his intention to step down from the top job in early November, but stated that he will stay with NBIM in an unspecified role once he hands over the reins.
Who is Tangen?
AKO was founded by Tangen in 2005 and manages the funds of universities, charitable foundations and family offices from its headquarters in London, where he has lived for 28 years.
As part of his new role, Tangen will move to Norway, pay tax in Norway and have Oslo as his place of work.
He described managing the government pension fund global as “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,” he added.
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.
“The executive board feels confident in Nicolai Tangen being the best candidate to manage the Government Pension Fund Global,” said Øystein Olsen, who is chair of the board.
“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.”