The Alberta government’s sudden decision to dismiss the entire board and CEO of the Alberta Investment Management Corp. comes at a time when a number of the pension fund’s clients are “unhappy,” according to a business columnist with The Globe and Mail.
November 08, 2024 at 2:48PM ESTThe Alberta government’s sudden decision to dismiss the entire board and CEO of the Alberta Investment Management Corp. comes at a time when a number of the pension fund’s clients are “unhappy,” according to a business columnist with The Globe and Mail.
Willis said that what makes AIMCo unique as a fund is its structure as a crown corporation that manages capital for more than a dozen different groups in Alberta. In a statement on Thursday, the province’s Finance Minister Nate Horner said the decision to fire the fund’s board came down to management fees that were too high and a consistent failure to meet benchmark returns.that Horner told reporters following the announcement that he had been watching AIMCo’s performance closely for some time and determined that necessary changes to the fund weren’t going to happen without a “major reset.
AIMCo had encountered some setbacks in recent years related to volatility during the pandemic, Willis noted, but he said the fund’s management, led by chief executive officer Evan Siddall, had created a “credible turnaround plan” to resolve those issues. He added that aside from who will ultimately run the fund, the biggest question AIMCo faces going forward relates to its mandate.
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