Hiring a hedge fund billionaire to take charge of Norway’s sovereign wealth fund was always going to cause some frictions. It is almost like asking for trouble. Norges Bank’s board must have been aware of this when appointing Nicolai Tangen, the founder and CEO of the hedge fund AKO Capital, to the position as NBIM’s new CEO. It was only a matter of time before something would be revealed in either his hedge fund firm or his uber-wealthy lifestyle that could be seen as clashing with the values of the fund and investing on behalf of the Norwegian public.
However, no one could have foreseen the absolute mess that this appointment has created. In fact, it has turned into such a mess with so many individuals involved and so many separate issues that it is difficult to keep up with all of the different angles. The storm around the appointment started out with scrutiny about Nicolai Tangen’s hedge funds, along with his private fortune, being domiciled or held in offshore tax havens. However, things rapidly took a turn for the worse when the spotlight fell upon an all-paid-for luxury private conference in the US organised by Nicolai Tangen inThe full article is only available to members
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