The largest sovereign Fund in the world announced a change of leadership

the New head of the Norwegian national wealth Fund appointed Nikolai Tangen, the report said the world’s largest sovereign investment Fund.

Until now, Tangen was the head of investment firm AKO Capital, which he founded in 2005.

Tangen appointed new CEO of Norges Bank Investment Management. This division of the Central Bank, which invests revenues from oil and gas industry in Norway in foreign stocks, bonds and real estate.

the Outgoing head of the oil Fund of Norway Yngve Slyngstad in October 2019 has announced that it is retiring after 12 years in office.

the Norwegian Fund said on Thursday that since the beginning of the year he lost to 1.33 trillion Norwegian crowns (124 billion dollars), since the pandemic coronavirus provoked the collapse of the stock markets.

the Fund lost nearly 16%, almost completely losing the 20% profit, received in the past year.

Now, the Fund is 930 billion dollars, compared to more than $ 1 trillion at the end of last year.

the Fund is one of the largest shareholders. He invested about 9 thousand companies around the world.