Oil Fund just keeps growing

Norway’s sovereign wealth fund, fueled by revenues from the country’s oil industry, earned another NOK 990 billion (more than USD 100 billion) during the first half of the year. Its investments in stock markets abroad accounted for the most profits, leaving the fund with a return of 9.4 percent. The dizzying numbers left the total […]

Oil Fund fends off hackers

Norway’s huge Oil Fund, meant to finance pensions for future generations, has been the target of several serious hacking attempts over the last year. Hackers have also targeted specific Oil Fund employees, even calling them at their home offices in efforts to invade their computer systems. “We have seen an increase in targeted attacks where […]

Oil Fund kept on earning in crisis

Norway’s huge sovereign wealth fund fueled by oil revenues reached more dizzying heights last year, also in the midst of the Corona crisis. It now tops an international list as the biggest in the world, despite the government’s biggest withdrawals ever to fund crisis aid packages. Figures released last week by the Sovereign Wealth Fund […]

Oil Fund sets another record

Given the extent to which the Norwegian government has been dipping into its Oil Fund, to finance all of its Corona crisis relief programs, it came as welcome news that Norway’s sovereign wealth fund just keeps growing anyway. It surpassed a value of NOK 11,000 billion last week. The Norwegian central bank’s unit that manages […]

New Oil Fund boss rolled into new job

Nicolai Tangen rode a controversial electric scooter into his first day of work as chief of Norway’s Oil Fund on Tuesday. The formerly London-based billionaire hedge fund manager was, however, equipped with both an obligatory helmet and a traditional backpack, perhaps in an effort to fit into Norwegian work culture and avoid further controversy. That […]

Tangen cleared to take over Oil Fund

After months of drama and political uproar, billionaire Norwegian hedge fund founder Nicolai Tangen has decided to sacrifice much of his personal fortune in order to run his homeland’s huge sovereign wealth fund with no conflicts of interest. He’s selling out of his huge AKO Capital LLP and plans to simply put more than NOK […]

Crisis meeting over top Oil Fund job

Central bank board boss Øystein Olsen has been forced to call in the bank’s main board for a crisis meeting on Monday, after the Parliament raised clear objections Friday over the board’s choice of a new Oil Fund boss. It remains unclear whether billionaire hedge fund manager Nicolai Tangen will actually take over the top […]

Oil Fund dips amid leadership drama

UPDATED: It’s been a turbulent first-half of the year for Norway’s huge sovereign wealth fund known as the Oil Fund. Not only did it log negative returns in a Corona virus-plagued economy, drama continues to swirl around the man who’s keen to take over as its CEO but now has a majority in Parliament against […]

Critics rail against new Oil Fund boss

Questions are still flying over whether Norwegian billionaire hedge fund manger Nicolai Tangen will actually take over, on September 1, as chief executive of Norway’s huge sovereign wealth fund known as the Oil Fund. Several top politicians don’t support him as the manager of one of the world’s largest pension funds, and commentators claim Tangen […]

New Oil Fund boss was ‘strongest’ of all

Embattled central bank chief Øystein Olsen had to defend his bank board’s hiring of Norway’s new Oil Fund boss in Parliament on Monday. Olsen claimed that billionaire hedge fund manager Nicolai Tangen was “clearly the strongest candidate,” and could show “impressive results” and a “deep understanding” of the strategic challenges the Oil Fund faces. Olsen […]