Norway wealth fund's new CEO to earn $672,000 per year

The millionaire named to lead Norway's massive sovereign fund will earn 6.65 million Norwegian crowns ($672,400) per year, the central bank said as it released his employment contract on Thursday.

Norges Bank announced in March that hedge fund manager Nicolai Tangen is to become a civil servant in charge of the country's $1 trillion savings while maintaining a stake in London-based AKO Capital, which he founded. ($1 = 9.8898 Norwegian crowns)