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A hedge fund manager’s dream job comes with drastic pay cut

At 53, the London-based hedge-fund manager behind EUR 15 billion AKO Capital LLP says he’s about to step into his dream job. But his new take-home pay won’t even be enough to cover the wealth tax he now faces.
Nicolai Tangen, appointed as the new CEO of the Norges Bank Investment Management, poses for a picture in London, Britain March 26, 2020. NTB Scanpix/Nina E. Rangoy via REUTERS | Photo: NTB SCANPIX/via REUTERS / X02351
Nicolai Tangen, appointed as the new CEO of the Norges Bank Investment Management, poses for a picture in London, Britain March 26, 2020. NTB Scanpix/Nina E. Rangoy via REUTERS | Photo: NTB SCANPIX/via REUTERS / X02351
By Mikael Holter / BLOOMBERG

Nicolai Tangen was recently revealed as Norway’s surprise pick to run its giant wealth fund. His investment war chest is set to grow by a factor of about 60, to EUR 865 billion. Meanwhile, his salary may well shrink to a lot less than EUR 1 million, and would cover about a tenth of the wealth tax he’ll need to pay.

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