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 […]

Oil Fund weathers stormy first half

Norway’s Oil Fund ended a stormy first half of the year with just as much value as it had before having to face crises tied to the Corona virus, the economy and its own future leadership. The fund is still worth a dizzying NOK 10,340 billion, up more than NOK 250 billion since the end […]

New Oil Fund boss bucked the storm

Nicolai Tangen, cleared on Thursday to take over as chief executive of Norway’s enormous sovereign wealth fund, has proven one thing so far: he’s not scared off by a storm. A rough one has been raging around Tangen, whose large personal fortune has posed conflicts of interest and unleashed controversy, but he called all the public […]

Oil Fund drama nears a climax

After weeks of criticism over the hiring of an expat billionaire to run Norway’s huge Oil Fund, the country’s central bank in charge finds itself facing claims of crisis and scandal. Speculation is flying over whether heads will roll, and whose they may be. Norges Bank chief Øystein Olsen has already been cross-examined by a […]

Greenpeace hails Oil Fund exclusions

Environmental organization Greenpeace is hailing Norway’s sovereign wealth fund, which was built up on oil revenues, for excluding four oil companies because their emissions are too high. All four extract oil from controversial tar/oil sands projects. Norway’s own state oil company Statoil (now Equinor) was also active in oil sands projects in Alberta, Canada until […]