The CEO of the management company for the world’s largest sovereign wealth fund will seek another term. Nicolai Tangen, CEO of Norges Bank Investment Management, which manages the $1.74 trillion in assets of Norway’s Government Pension Fund Global, plans to serve another term as head of the fund, a spokesperson for NBIM told CIO.
In a “fireside chat” Monday with Ivar Eilertsen, global head of securities class action services at ISS STOXX, Tangen said he was close to making a decision on whether to run again. On Tuesday, Tangen told staff he would seek another term. ISS STOXX owns CIO.
NBIM CEOs are appointed to five-year terms by the board of directors of the Norwegian central bank. Tangen was appointed as CEO in 2020, succeeding Yngve Slyngstad, who had been CEO since 2008. Tangen was previously founder, CEO and CIO of AKO Capital, a $23.1 billion investment manager.
NBIM derives its assets from Norway’s oil and gas resources.
“The aim of the fund is to ensure that we use this money responsibly, think long-term and so safeguard the future of the Norwegian economy,” NBIM’s website states.
The fund allocates 72% of its assets—about $1.16 trillion—to equities. The fund allocates 26.1% of its assets to fixed income, 1.7% to real estate and 0.1% to renewable energy infrastructure. The fund owns more than 1% of all listed stocks, globally.
Tangen’s term is set to expire on August 31, 2025.
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Tags: Government Pension Fund Global, Ivar Eilertsen, NBIM, Nicolai Tangen, Norges Bank Investment Management