Business & Economy

UPDATE 1-Norway wealth fund’s new CEO to earn $672,000 per year

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OSLO, May 28 (Reuters) – The millionaire named to lead Norway’s massive sovereign fund will earn 6.65 million crowns ($672,400) per year, the central bank said as it released his employment contract on Thursday.

Norges Bank announced in March that hedge fund manager Nicolai Tangen is to become a civil servant in charge of the country’s $1 trillion savings while maintaining a 43% stake in London-based AKO Capital, which he founded.

The surprise appointment – Tangen’s name had not appeared on the publicly released list of applicants – had thrust into the limelight the 53-year-old and his private wealth estimated at upwards of $500 million.

Reviewing the appointment, Norges Bank’s independent watchdog earlier in May demanded that rules be drawn up to prevent even the appearance of a conflict of interest between AKO, Tangen and the sovereign fund.

“The employment contract creates sufficient distance between Nicolai Tangen’s private finances, the AKO system and the job that he will carry out as CEO of Norges Bank Investment Management,” Governor Oeystein Olsen told a news conference. ($1 = 9.8898 Norwegian crowns) (Reporting by Gwladys Fouche, editing by Terje Solsvik)

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