New CEO of $1.2 Trillion Sovereign Investor Drops Hedge Fund (2)

The hedge fund manager set to run Norway’s sovereign wealth fund has agreed to sever all ties to the investment firm he founded, in a move that looks set to end a political storm that had threatened to derail his appointment.

Nicolai Tangen and Norges Bank, which manages the wealth fund, agreed to new contractual terms for the incoming CEO during a meeting on Monday. The revised agreement followed demands made last week by Norway’s parliament targeting potential conflicts of interest tied to Tangen’s controlling stake in AKO Capital LLP.

Read: Hedge Fund Boss Under Pressure to Divest for ...