Norway's new wealth fund new chief gives up hedge fund stake to keep job

The wealthy businessman appointed to lead Norway's $1.1 trillion sovereign wealth fund has agreed to divest his private stake in a hedge fund and restructure his other investments, Norges Bank said on Monday, in a bid to save his new job.

Norges Bank's announcement in March that hedge fund veteran Nicolai Tangen would take over the running of Norway's rainy-day assets from Sept. 1 triggered a backlash from a public watchdog as well as from parliament over potential conflicts of interest.