Posted on Oct 9, 2020 at 11:35 amUpdated Oct 9, 2020 11:36 AM
As proof of his commitment to virtuous and environmentally-conscious financial management, Nicolai Tangen, went to work by electric scooter for his first day as head of the Norwegian sovereign wealth fund. Appointed after a slow and controversial recruitment process that nearly failed, the former hedge fund manager, more used to Ferraris, fell from his scooter a few days after arriving at the head of the world’s largest sovereign wealth fund. (973 billion euros).
With his arm slung, he was however combative and resolute in his first interview with the “Financial Times”, a month after taking office. He was chosen to boost the performance of the sovereign fund, which will pay 74 billion euros (7.6% of its capital) over two years (2020 and 2021) to its state to help it get through the economic crisis. This fund, which saves for future generations in the perspective of the end of the oil windfall, will help revive activity as it had done in 2015.