The hedge fund manager, Nikolai Tangen, who is set to become the CEO of the $ 1.2 trillion Norwegian wealth fund, is facing new demands, that could derail his appointment
The main point of controversy is the decision of the Norwegian bank, which manages the fund, to allow Tangen to retain a controlling stake in his firm.
Nikolai Tangen will meet with central bank officials in Oslo, on Monday, 24 August, as they try to meet parliamentary demands before the founder of AKO Capital LLP can begin managing the world’s largest sovereign wealth fund.
The Norwegian Parliamentary Finance Committee reports that the CEO cannot have assets due to conflicts of interest that could undermine the foundation’s reputation. Norges Bank selected Tangen as the next CEO of the wealth fund back in March.
Tangen has previously agreed to reduce his stake in the London hedge fund AKO, he founded to 43% and is transferring his assets to a blind trust, as reported Bloomberg.