The Norway sovereign wealth fund has tapped a new manager at the height of the coronavirus panic. The world’s fifth-largest sovereign fund has hired Norwegian-born Nicolai Tange to take control of the fund. The news comes after the fund lost a staggering $124 billion during the ongoing coronavirus breakdown in the markets.

Norway’s central bank governor made the announcement on Wednesday.

“Tangen has built up one of Europe’s leading investment firms and has delivered very good financial results as an international investment manager,” Governor Oeystein Olsen said. “He has extensive experience with equity management, which is the fund’s largest asset class,” Olsen told a news conference in Oslo.

Norway sovereign wealth fund and coronavirus

The Norway sovereign wealth fund currently has $930 billion in assets. That is down from the $1.17 trillion in assets that it controlled before the recent selloff.

Tangen is taking over for Yngve Slyngstad, who announced plans to resign last year. Tangen will come over from AKO Capital and will take over in September.

Overall, the fund has shed 16.2%, virtually erasing its 20% gains in 2019. Its stock market portfolio alone is off 22.8%, according to Reuters.

Markets have bounced back in recent days but still remain well off from February highs. Over the last three days, the Dow has rebounded by roughly 20%.

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