Nicolai Tangen still intends to take over as the next boss of Norges Bank Investment Management, despite being linked to a scandal involving his predecessor
to pay for our cup of coffee in meetings,” says Espen Henriksen, recalling the strict code of conduct at the world’s largest sovereign- wealth fund. Mr Henriksen, who now works at the Norwegian Business School, reckons that anyone else who accepted a flight on a private jet and hospitality from a hedge-fund billionaire, as Yngve Slyngstad did, would have been fired instantly.
The big question now is whether, amid all the furore created by Mr Slyngstad’s misstep , Nicolai Tangen still wants to take over as the next boss of. For the 54-year-old Norwegian is the very billionaire who treated Mr Slyngstad and a group of his friends to concerts by Sting and Gregory Porter, meals cooked by Jamie Oliver and a ride on a private jet with his friends from a Wharton Business School seminar in Philadelphia back to Oslo.
Mr Tangen’s appointment divided Norwegians even before the scandal. He was not on the official list of applicants published by the central bank, which oversees. It appeals to investment professionals, as Mr Tangen has shown great talent as a money manager. But others worry that he will want to manage the fund more actively than Norwegians are used to, and thus take on more risk in times that are now exceptionally risky. The cares of great wealth are heavy indeed.
This article appeared in the Europe section of the print edition under the headline "How not to hand over to your successor"
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