Capital Allocators – Inside the Institutional Investment Industry CIO Greatest Hits: Sovereign Wealth Funds – Nicolai Tangen (Norges Bank)
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Aug 4, 2025 
Nicolai Tangen, CEO of Norges Bank Investment Management and former hedge fund manager, shares insights on leading the world’s largest sovereign wealth fund. He discusses the importance of corporate culture in successful investment strategies and the nuances of balancing internal and external asset management. Transparency and long-term thinking are emphasized, alongside the fund’s commitment to responsible investing. Tangen also reflects on his transition from hedge funds to sovereign wealth and the societal impact of these investments on education and healthcare.
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Interview Skills From Intelligence
- Nicolai Tangen learned the power of interview techniques during his time in Norwegian intelligence service.
- He used this skill to train analysts, improving the quality of investment research.
Keys to Business and Risk
- Understanding what makes a good business requires deep analysis of business models, balance sheets, and operational leverage.
- Taking calculated market risks at the right time is crucial for generating excess returns.
Client-First Honesty
- Always prioritize clients by allocating profits to them first when in doubt.
- Be honest and transparent with clients; they understand market volatility and appreciate truthfulness.