COPENHAGEN, March 18 (Reuters) - Nicolai Tangen has been reappointed as CEO of Norway's significant sovereign wealth fund, Norges Bank Investment Management, announced the central bank on Tuesday.
Tangen, aged 58, assumed the position of the fund's CEO in September 2020 for a five-year term. In November, he expressed his intention to continue leading the sovereign wealth fund, stating that he believed there was more work to be done.
Ida Wolden Bache, the central bank Governor, highlighted Tangen's extensive experience and profound understanding of international investment management, stating, "Nicolai Tangen is highly experienced with in-depth insight into international investment management."
The $1.8 trillion sovereign wealth fund, recognized as the world's largest, allocates revenues from Norway's oil and gas industries into foreign bonds, stocks, real estate, and sustainable initiatives.
Expressing his gratitude, Tangen emphasized, "Creating wealth for the Norwegian people is the most rewarding job I have ever had. I therefore deeply appreciate this renewed trust and look forward to five more years with my talented colleagues."
The fund has investments in nearly 9,000 companies worldwide, representing approximately 1.5% of all publicly traded stocks and has been at the forefront in addressing environmental, social, and governance issues.
Known for his outspoken style in contrast to his predecessors, Tangen, a former hedge fund manager, engages in various activities including hosting business leaders on a podcast, notably one featuring a conversation with Tesla CEO Elon Musk, as revealed in a transcript released in January.