NEWS

Norway’s banks can’t absorb the hundreds of millions of dollars in cash that the new CEO of the country’s wealth fund needs to deposit as part of an agreement he struck to allow him to take on the role.

Nicolai Tangen, who started running the world’s biggest sovereign investor last month, agreed to liquidate his personal fund investments and place the proceeds in bank deposits as part of his contract. The intention was to ensure that the former hedge fund manager wasn’t exposed to any conflicts of interest through his holdings.

Tangen’s bank deposits represent almost 8 billion kroner ($862 million), the Oslo-based wealth fund said on Thursday.

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