Head of Norway’s Billion Fund threatens AI refusers with career-out
Nicolai Tangen sees AI as a way to keep the staff of $ 1.8 trillion constant in the near future. Since 2022 he has been running around « like a crazy » to convince his around 670 employees to use them.
« That cannot be voluntary. It is not voluntary to use AI or not, » said Tangen Bloomberg in an interview. « If you don’t use them, you will never be promoted. You don’t get a job, » he said, with a view to the state fund that is the largest in the world.
Lower costs and provide benefits
Artificial intelligence quickly becomes a prerequisite for good performances in the asset management industry, since investment companies are to increase their efficiency, reduce costs and to get advantages in decision -making. Against this background, AI tools are increasingly used in trade departments, research teams and back office processes.
While some question the consequences of an over-fallen introduction of AI, the 58-year-old head of the Norwegian state fund is primarily concerned that his employees do not use them sufficiently.
In Norway, tanging is known for praising AI on every stage, in every podcast and every seminar in which he takes part. It is no different with Norges Bank Investment Management.
« Ki-Enabler » team and 40 Ai ambassadors
You have to « repeat and repeat and repeat it, attack the organization from all sides, » says Tangen. In the meantime there is a six-person “Ai-Enabler” team, 40 AI ambassadors and recurring seminars, conferences and courses. According to Tangen, around 300 employees are now using KI Code.
« My biggest surprise was the resistance when we started. People don’t want to change, » says Tangen. « There are always ten to 20 percent who don’t want to do anything if it is voluntary. But that’s exactly what they need. »
In an internal survey, the employees of the Norwegian state fund stated that efficiency rose by 15 percent last year. Tanging believes that this number will be 20 percent in 2025 and that the following year will go up a further 20 percent. This expectation gives the CEO visible thrust. His face lights up, his voice becomes louder.
« If we compete with companies that do not use AI, we are 50 percent ahead! This is incredible. They will never catch up with us, » he says. « I’ve never seen anything like this, a situation in which you are so far ahead of your competitor. »
Fund monitors news articles in 16 different languages
For example, the fund monitors news articles about its investments in 16 different languages and structures the information to get an overview of the companies. What lasted for days was now being done in a few minutes, Tangen said.
One of the most important tools is the ANTHROPIC AI model, which is now used by 100 percent of employees.
« We save a lot of trading and will save much more, » he said with a view to trading costs and general increases in efficiency. One of the most important tools used in the fund is the AIT Model Claude from Anthropic, which is now « used by 100 percent of employees ». Microsoft Copilot, Perplexity, Open Ai Deep Research and Google AI, as well as the AI-based programming tool cursor are also in use.
The Norwegian state fund is owned by the central bank in Oslo and is managed according to the guidelines of the Norwegian Ministry of Finance. His mandate is determined by the Norwegian parliament. This limits the use of AI.
Are gold investments still attractive?
It has to be « included », says Tangen, looking at the control of AI generated results. Employees must not enter personal or confidential information in AI models or disclose them with active trade transactions. Norway’s state fund does not use artificial intelligence autonomously for commercial transactions or for hiring processes.
