Sovereign Wealth: Norway Taps New Manager After $124 Billion Loss

March 26, 2020 | Alternative Investments
https://dailyalts.com/wp-content/uploads/2020/03/52e4d7434c54a414f1dc8460c62c3e761c3dd6f85254794c772a7ad5954d_640.jpg

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%.

Unrelated: Marshall Islands to issue its own national cryptocurrency

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Alt Insights

May 21, 2020

Venture Capital: British Startup Offers Travel Jaunts on the Never-Never

Venture Capital: British Startup Offers Travel Jaunts on the Never-Never
Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2019/09/57e0d3404e56ae14ea898579ce203e7c1d22dfe05556744a722a7ed1_640.jpg
Private Equity: Coty Sells Majority Stake of Hair Business to KKR
June 1, 2020     News, Private Equity

Beauty products firm Coty (NASDAQ: COTY) and KKR (NYSE: KKR) have entered into a strategic transaction for Coty’s Professional and Retail Hair business. The transaction includes the Wella, Clairol, OPI…

https://dailyalts.com/wp-content/uploads/2020/06/road-231917_640.jpg
Liquid Alternatives: AuM of Actively Managed ETFs Shows 36% Add Y-on-Y
June 1, 2020     Liquid Alternatives, News

Investors are increasingly interested in targeted strategies inside an ETF product. More than half of ETF launches thus far in 2020 have been actively managed ETFs, observed Yones on CNBC’s…

https://dailyalts.com/wp-content/uploads/2020/06/Port_of_Shanghai_Yangshan_Deep-water_Harbour_Zone_02.jpg
Digital Assets: China Merchants Aims To Be the First Blockchain-Powered Port in the World
June 1, 2020     Digital Assets, News

China Merchant’s Port (HKG: 0144), the country’s largest port operator, is collaborating with Alibaba Group (NYSE: BABA), and its subsidiary, Ant Financial to develop a distributed ledger technology (DLT), or…

https://dailyalts.com/wp-content/uploads/2020/06/chicago-bean-225586_640.jpg
Venture Capital: Startups Higi and Tock Raise Most of Chicago’s VC Haul of $68M in May
June 1, 2020     News, Venture Capital

According to data from Chicago Inno, tech, and start-up companies in Chicago raised approximately $ 68 million of venture capital during the month of May. At the top of the…

Scroll to Top