NEWS

OSLO (Reuters) – Norway’s sovereign wealth fund, the world’s largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion (104 billion pounds) this year as stock markets tanked due to the coronavirus pandemic.

Norwegian-born Nicolai Tangen, until now chief executive of AKO Capital, which he established in 2005, will take the helm in September, succeeding Yngve Slyngstad who announced his resignation last year.

“Tangen has built up one of Europe’s leading investment firms and has delivered very good financial results as an international investment manager,” Norwegian central bank Governor Oeystein Olsen said while announcing the appointment.

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