Nicolai Tangen

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Nicolai Tangen (born August 10, 1966 in Kristiansand ) is a Norwegian hedge fund manager and art collector . On September 1, 2020, he became head of Norges Bank Investment Management , the Norwegian State Pension Fund ( Oljefondet ).

Life

Tangen comes from the southern Norwegian city of Kristiansand . He attended the Norwegian Armed Forces School from July 1986 to December 1987 , where he learned Russian and was instructed in interrogation techniques and translation. Between 1989 and 1991 he studied economics at the Wharton School . After his studies, he worked in the Nordic department of Cazenove & Co , of which he became head. From 1997 to 2002 he was a partner in Egerton Capital . He then studied art history at the Courtauld Institute of Art in London , where he graduated with a master's degree. He also received a Masters Degree in Social Psychology from the London School of Economics in 2017 .

AKO Capital

Tangen founded AKO Capital based in London in 2005 and became the CEO. In 2013 he set up the AKO Foundation , which should act as a supporter and financier for charitable projects. His legal profession stated that Tangen made £ 225 million over the years, of which he donated 150 million to the AKO Foundation. After his presentation as the new Oljefond manager, it was criticized that AKO Capital funds are registered in the Cayman Islands , known as the tax haven . His foundation also manages its assets there. Tangen stated that he always paid his taxes in the UK .

Tangen also founded the AKO Kunststiftelse ( German : AKO Kunststiftung ), which was built primarily to finance the renovation of an old silo in Kristiansand. His own art collection was to be exhibited in the former silo from 2022. The project led to major local political debates about whether community funds should go to the project.

Appointment as Oljefondet boss

In March 2020 he was introduced as the new CEO of Norges Bank's Investment Management division . He took over the position from September 2020, which also transferred the post of head of the state pension fund, known as Oljefondet , from Yngve Slyngstad . Shortly after the announcement, it was reported that Tangen's new income would be less than the wealth tax he would have to pay in Norway.

criticism

After it became known that Tangen was inviting key decision-makers to a seminar in the USA shortly before the application process in November 2019 , the attitude met with greater criticism. Among the guests at the seminar were the then Minister of Economic Affairs Torbjørn Røe Isaksen and the oil fund boss Slyngstad. In the media, the seminar, at which musicians like Sting and Gregory Porter performed, was referred to as a "luxury seminar". As a result of the reports, initial demands were made, including by the trade union confederation Landsorganisasjonen i Norge (LO), that Tangen should not take over the post.

In May 2020, reports followed that Tangen made it a condition not to have to sell his shares in AKO Capital. On May 27, 2020, Norges Bank published an agreement according to which Tangen was allowed to keep 43 percent of the voting rights and 46 percent of the surplus of AKO Capital, previously the value was 66 percent. Tangen himself stated that he could neither nor would he like to continue his role as owner. Tangen also said that he would pay taxes entirely in Norway. The left opposition parties in particular criticized this agreement because, in their opinion, it did not guarantee sufficient independence.

Hearing in Storting and waiver of fund shares

In August 2020, a hearing on the case was started in the Norwegian national parliament Storting . Experts from the Legislative Department of the Ministry of Justice told the Finance Minister that intervening in the process of appointing the oil fund manager would not conflict with the law, even if the instructions had an impact on a specific case. The finance committee finally asked Finance Minister Jan Tore Sanner to intervene if Tangen should keep his fund shares. On August 24, 2020, Øystein Olsen , the head of Norges Bank, announced that a new agreement had been reached. Tangen should now sell all shares in his fund AKO Capital in order to avoid a conflict of interest. Tangen stated that he would hand over his shares worth around ten billion crowns to the charity AKO Foundation. This waiver was also taken up in the media internationally.

Web links

Individual evidence

  1. ↑ a b Olav Garvik, Stig Arild Pettersen: Nicolai Tangen . In: Store norske leksikon . August 27, 2020 (Norwegian, snl.no [accessed August 27, 2020]).
  2. ↑ People. AKO Capital, accessed on June 5, 2020 (English).
  3. ↑ AKO Foundation. AKO Capital, accessed on June 5, 2020 (English).
  4. ↑ Kjetil Malkenes Hovland: Tangen Apner for å betale mer skatt til Norge: Tar Oljefondet-casual work "uansett skattesituasjon". May 1, 2020, accessed June 5, 2020 (Bokmål in Norwegian).
  5. ↑ Fredrik Kampevoll: Oljefondssjefen med bånd til skatteparadis - Forventer redegjørelse. March 26, 2020, accessed June 5, 2020 (Norwegian Bokmål).
  6. ↑ a b Kjetil Malkenes Hovland: Oljefondets nye sjef: - Jeg verken kan eller vil utøve min egg roll. In: E24. Retrieved June 5, 2020 (Bokmål in Norwegian).
  7. ↑ Harald Berglihn: Kunstsiloen i boks. February 13, 2018, accessed June 5, 2020 .
  8. ↑ Nicolai Tangen becomes the new head of the Norwegian oil fund GPFG. In: BusinessPortal Norway. March 26, 2020, accessed June 5, 2020 .
  9. ↑ Nicolai Tangen in place of the CEO in Norges Bank Investment Management. Norges Bank, March 26, 2020, accessed June 5, 2020 (Norwegian).
  10. ^ Mikael Holter: A Hedge Fund Manager's Dream Job Comes With Drastic Pay Cut. Bloomberg, March 29, 2020, accessed June 5, 2020 .
  11. ↑ Vilde Helljesen: Tangen chartret fly for over 13 millioner til luksusseminar. NRK, April 22, 2020, accessed on June 5, 2020 (Norwegian Bokmål).
  12. ↑ David Vojislav Krekling: LO-topp Krever Tangens avgang. NRK, April 22, 2020, accessed on June 5, 2020 (Norwegian Bokmål).
  13. ↑ Åshild Langved, Espen Linderud: Nicolai Tangen beholder eierandeler i Ako Capital and Ako-fond. May 28, 2020, accessed June 5, 2020 .
  14. ↑ For mener arbeidsavtalen til Nicolai Tangen he strict nok, SV mener den ikke sikrer uavehngighet. In: Aftenposten. May 28, 2020, accessed June 5, 2020 (Norwegian).
  15. ↑ Høringsprogram. Stortinget, August 10, 2020, accessed August 19, 2020 (Norwegian).
  16. ^ Emilie Louise Solberg: Sanner can instruct Norges Bank: - En knusende dom. In: NRK. August 21, 2020, accessed on August 21, 2020 (Norwegian Bokmål).
  17. ↑ Kristian Skårdalsmo: Sanner vil legge lovavdelingens uttalelse til green - which he nå clear. In: Dagsavisen. August 21, 2020, accessed August 21, 2020 (Norwegian).
  18. ↑ Ole Alexander Saue, Fabian Skalleberg Nilsen: Nicolai Tangen selger seg ut av AKO Capital. In: E24. August 24, 2002, accessed on August 24, 2020 (Norwegian Bokmål).
  19. ^ Emilie Louise Solberg: Norges Banks hovedstyre i skjebnemøte med Tangen. In: NRK. August 24, 2020, accessed on August 27, 2020 (Norwegian Bokmål).
  20. ↑ Ingrid Meissl Årebo: Nicolai Tangen waives billions for the dream job. In: NZZ. August 26, 2020, accessed on August 27, 2020 .
personal data
SURNAME Tangen, Nicolai
BRIEF DESCRIPTION Norwegian hedge fund manager
DATE OF BIRTH August 10, 1966
PLACE OF BIRTH Kristiansand