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Norges Bank's Tangen wants Norwegians to peek under hood of US$1.2 trillion fund

Bloomberg
Bloomberg11/23/2022 04:45 PM GMT+08  • 4 min read
Norges Bank's Tangen wants Norwegians to peek under hood of US$1.2 trillion fund
“We basically feel that we’ve got no secrets,” says Tangen / Photo: Bloomberg
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Norway’s US$1.2 trillion sovereign wealth fund, built from its oil wealth, is akin to a black box for many of the country’s 5.4 million citizens. Chief Executive Officer Nicolai Tangen is out to change that.

Soaring inflation, turbulent financial markets and geopolitical uncertainty are weighing on the returns of the world’s biggest rainy-day fund. The CEO has started a communications overhaul to ensure that citizens, who collectively own the fund, understand why.

“We are in really volatile times with a lot of risks, with potential decline in the value of the fund,” Tangen said in an interview at the fund’s Oslo headquarters. “Therefore it’s particularly important that the owners know what’s going on.”

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