Norway’s Sovereign Wealth Fund Seeks Leader as Incumbent Tangen Eyes Reappointment

Norges Bank, Norway’s central bank, has officially launched the application process for the head of the country’s massive $1.8 trillion sovereign wealth fund, Bloomberg reports.

The move comes as the current director, Nicolai Tangen, approaches the end of his first five-year term, and is widely expected to seek reappointment.

Tangen, 58, has publicly stated his intention to reapply for the position, and his strong public support within Norway positions him as a likely candidate for a second term. The formal application process, outlined on Norges Bank’s website, will see a panel evaluate applicants and conduct interviews with the goal of filling the top post by September. The deadline for applications is February 16th.

Since taking the helm, Tangen has pushed for a more contrarian approach to investing within the fund, encouraging traders to leverage its long-term horizon. He has also prioritized transparency and public engagement, most notably through a regular podcast series designed to educate the public about the fund’s operations.

Despite these initiatives, Tangen’s first term has not been without its challenges. His decision to invite Elon Musk to the fund’s 2025 annual seminar following a podcast interview in April sparked criticism from some Norwegian politicians. Additionally, Tangen faced scrutiny over a private gathering with hedge fund billionaire Ole Andreas Halvorsen, which became the subject of reports by local journalists.