Norway's sovereign wealth fund, the world's largest, named a London-ba...
OSLO - Norway’s sovereign wealth fund, the world’s largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion this year as stock markets tanked due to the coronavirus pandemic.
“Tangen has built up one of Europe’s leading investment firms and has delivered very good financial results as an international investment manager,” Norwegian central bank Governor Oeystein Olsen said while announcing the appointment. By contrast, the Norwegian wealth fund is worth $930 billion - though that is down from $1.17 trillion in early February, before stock markets fell.
The wealth fund, a unit of the central bank, is formally known as Norges Bank Investment Management. It invests the proceeds of Norway’s oil and gas industry in foreign stocks, bonds and real estate.“This is not only a dream job, this is my boyhood dream job,” said Tangen via video link from London, comparing it to fellow Norwegian Ole Gunnar Solskjaer taking the job of manager at English Premier League soccer club Manchester United.
He declined to comment on the coronavirus outbreak, saying Slyngstad remained CEO until he took over in September.
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