A Hedge Fund Manager’s Dream Job Comes With Drastic Pay Cut
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At 53, the London-based hedge-fund manager behind $16 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 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 $950 billion. Meanwhile, his salary may well shrink to a lot less than $1 million, and would cover about a tenth of the wealth tax he’ll need to pay.