Norway Wealth Fund CEO: No room for AI holdouts

Norway Wealth Fund headquarters

Nicolai Tangen, CEO of Norway’s sovereign wealth fund, said employees who resist using artificial intelligence (AI) have no future at the $1.7 trillion fund, underscoring the growing role of AI in asset management.

In an interview cited by Bloomberg, Tangen said he’s been pushing hard since 2022 to get the fund’s roughly 670 employees to embrace AI tools.

He said the use of AI is no longer optional, warning that employees who fail to embrace the technology will never be promoted and may not even be hired in the first place.

AI has quickly become a critical tool for asset managers seeking to boost efficiency, cut costs and gain a competitive edge in decision-making. Investment firms around the world are racing to integrate the technology more deeply into their operations.