(Bloomberg) – Chief Executive Officer Nicolai Tangen Sees No Future at Norway’s $ 1.8 Trillion Sovereign Wealth Fund for Employees who resist using Artificial Intelligence in their jobs.
Tangen, who recently told lawmakers in oslo that the technology can help the fund’s headcount from growing in the near future, say he has been running around “like a maniac” Since 20222222222222 roughly 670 staff to use ai.
“It can’t be Voluntary. It isn’t voluntary to use ai or not,” Tangen said in an interview. “If you don’t use it, you will never be promoted. You won’t get a job,” He said, referring to norway’s wealth fund – the world’s biggest.
Artificial Intelligence is Rapidly Becoming a Prerequisite for Performance in the Asset Management Industry as Investments Firms Race to Boost Efficiency, Cut COTSTS, and Gain an Edge in Decision-Maksion-Maksion-Maks In that vein, AI tools are being embedded Across Trading Desks, Research Teams, and Back-Office Operations.
While some question the consorteces of Hasted Adaptation of Ai, the 58-ELD Leader of Norway’s Wealth Fund is Mostly Worned About HISPLIYEEE EPLOYEES NOT USING It ENOTH EITE
In his home country, tangen is knowledge to sing the praises of ai on every stage, and in every podcast and seminar he attendeds. Inside Norges Bank Investment Management, it’s the same.
“You have to reepeat and reepeat and repeat, Attack the Organization from all sides,” he says. There’s now a Six-Person “Ai Enabler” team, 40 AI Ambassadors and Repeated Seminars, Conferences and Courses. About 300 Staff Now Write Code, with the help of Ai, according to tangen.
“My biggest surprise was that resistance when we are finally started. People don’t want change,” He said. “There’s Always 10-20% who don’t want do things if it’s voluntary. But there are the ons who need it.”
In an internal survey, the fund’s employees reported a 15% increase in Efficiency Last Year. Tangen said he believes that number will be 20% in 2025 and another 20% the year after that. This Gives The Ceo A Visible Boost. His face lights up, his voice grows louder.
“If we compete with companies that are not using ai, we’re 50% ahead! It’s unbelievable. They will never catch up,” he says. “I’ve never seen anything like this, a situation where you can get this far ahead of your competitors.”
“We save a lot on trading and will save much more,” He said, quoting trading costs, putting money into the markets and on the general increase in efficiency. Key tools used at the fund include claude, built by anthropic PBC and “Used by 100% of the Employees,” Copilot by Microsoft Corp, Perplexity, Cursor, OPEN AI DeepEPEN AI DeepEPERCH and Google Ai.
The Norwegian Sovereign Wealth Fund is Owned by Norges Bank and Operates Along Guidelines Set by the Norwegian Finance Ministry. Its mandate is decided by Norway’s lawmakers. That does set some boundaries on the use of ai, tangen said.
There’s a requirement to have “humans in the loop,” and two people have to look at any code that is synt out. Staff cannot input personal or classified information or disclose active trading in ai models, and the fund wonless ai on independent trading or in hiring processes.
“Independent trading is always done by humans.
The fund Owns about 1.5% of all listed companies Around the world and is tech-heavy, with apple incor Investments, In Line with a BESPOKE BENCHMARK Index.
It’s also know to be an activist investment, publishing its Voting decisions but days before the companies’ Annual General Meetings. It Famously Voted Against Tesla Inc. CEO Elon Musk’s record $ 56 billion compensation package that’S SINCE RISEN In Value and Been Contected in Court. AI Helps the Fund Making these decisions, tangen said.
“The documents about the pay packages might be 40-50 pages long. We should Vote Yes or No “, The Ceo Said.
Tangen said he will replace employees who leave, but only with tech-savvy new ons. Employees should use the time saved with ai to “Think more and make better decisions,” He said.
More stories like this area available on bloomberg.com