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Laxman Pai, Opalesque Asia:

The new chief executive for Norway's $930 billion sovereign wealth fund is Nicolai Tangen, until now chief executive of investment firm AKO Capital, a little-known Norwegian hedge fund.

The world's largest sovereign wealth fund of its kind said in a press release that Nicolai, who founded London-based hedge fund AKO Capital in 2005, would succeed Yngve Slyngstad as head of the oil fund in September.

He will take up the position in early September 2020 according to plan, said Norges Bank Investment Management, the manager of the Norwegian Government Pension Fund Global.

"The Executive Board feels confident in Nicolai Tangen being the best candidate to manage the Government Pension Fund Global. Tangen has built up one of Europe's leading investment firms and has delivered very good financial results as an international investment manager. He has extensive experience with equity management, which is the fund's largest asset class", said Chair of the Executive Board Øystein Olsen.

After Yngve Slyngstad announced his resignation in October last year, Norges Bank's Executive Board has carried out a broad search and a thorough employment process to find his successor, supported by the recruitment agency Russell Reynolds Associates.

AKO Capital has around 70 employees and manages the funds of universities, charitable foundations and family offices. AKO Capital is based in London, where Tangen has resided for the last 28 years.

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