The hedge fund manager set to become chief executive of Norway’s US$1.2 trillion wealth fund needs to do more to eliminate conflicts of interest tied to his wealth before he can start, according to a parliament committee overseeing the process.

A CEO of the world’s biggest sovereign fund “cannot have assets or interests that create, or could appear to create, conflicts of interest that could weaken confidence in the reputation” of the fund, Norway’s parliamentary finance committee said in a statement on Friday. “These matters must be resolved before” the new CEO can start.

Norges Bank, which manages the wealth fund, chose Nicolai Tangen to be the next CEO of the fund back in March. But its watchdog has since blasted the bank for failing to address a number of conflicts of interest, ranging from Tangen’s personal wealth to his firm’s use of tax havens.

The botched handling of the recruitment has triggered a political storm, and parliament has now asked the government to follow up on its conclusions. Norway’s Finance Minister Jan Tore Sanner and the Norges Bank governor plan to hold a press conference at 5:30 p.m. in Oslo.

Tangen has already agreed to cut his stake in AKO Capital LLP, the London-based hedge fund he founded, to 43 per cent, and he’s putting his assets into a blind trust. The 54-year-old, whose personal fortune is estimated at about US$915 million, has also made clear he’s not willing to divest entirely, if that becomes a condition for taking over the role of CEO at the wealth fund.

He had been preparing to start the top job at the wealth fund on Sept. 1, almost a year after outgoing CEO Yngve Slyngstad announced his intention to step down. Tangen declined to comment, referring all questions to Norges Bank.