NBIM Appoints Nicolai Tangen to 2nd Term as CEO

Nicolai Tangen

Norges Bank Investment Management, the entity which manages the $1.8 trillion Government Pension Fund Global, Norway’s the sovereign wealth fund, announced Tuesday the reappointment of CEO Nicolai Tangen for a second five-year term.

Tangen was originally appointed as CEO in 2020, succeeding Yngve Slyngstad, who had been CEO of NBIM for 12 years. Tangen was previously the founder and CEO of AKO Capital, a London-based hedge fund.

Tangen’s current term is set to expire on August 31. In November 2024, Tangen said he would seek another term as CEO.

“Over the past four and a half years, [Tangen] has demonstrated a strong ability to deliver and achieve solid results as CEO of NBIM,” said Ida Wolden Bache, chair of the NBIM executive board, in a statement. “In the view of the Executive Board, Nicolai Tangen is the right person to head NBIM in the years ahead. We are pleased that he has accepted a further term as CEO.”

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NBIM manages and invests Norway’s oil and gas revenue and is one of the largest institutional investors in the world, often trading the top spot with Japan’s Government Pension Investment Fund.

The fund allocates 71.4% of its assets to equities, 26.6% to fixed income, 1.8% to real estate and 0.1% to renewable energy infrastructure. In 2024, the fund returned 13.1%.

“Creating wealth for the Norwegian people is the most rewarding job I have ever had,” Tangen said in the announcement. “I therefore deeply appreciate this renewed trust and look forward to five more years with my talented colleagues.”