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Norway sovereign wealth fund CEO job attracts 82 applicants, including current chief

BY Reuters | ECONOMIC | 02/18/25 03:30 AM EST

COPENHAGEN (Reuters) - Norway's central bank said on Tuesday it had received 82 applications for the position of CEO of the country's vast sovereign wealth fund.

The list included the current CEO Nicolai Tangen who last year said he would seek a new term as he felt the job was not yet done.

Tangen, 58, became the fund's CEO in September 2020, for a five-year term, which can be renewed once.

The applicants also included former Deputy Minister of Finance Erlend Grimstad as well as Greenpeace Norway's leader Frode Pleym.

A stand-up comedian, several teenagers and some candidates with no current job were also on the list.

The $1.8 trillion sovereign wealth fund, the world's largest, invests the proceeds of the Norwegian state's oil and gas revenues in foreign bonds, stocks, property and renewable energy projects.

(Reporting by Stine Jacobsen, editing by Terje Solsvik)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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