Latest news with #Aimco
Yahoo
12 hours ago
- Business
- Yahoo
Alberta's $334 Billion Power Play Could Blow Up Canada's Pension System
Alberta is rattling the foundations of Canada's pension modeland investors are watching closely. Premier Danielle Smith has fired the entire board of Alberta Investment Management Corp. (Aimco), eliminated over two dozen positions, and shut down its New York and Singapore offices. Her message: pension funds should focus on returns, not ideology. Smith is now building momentum for an even bigger moveexiting the C$714 billion Canada Pension Plan (CPP). A government-commissioned report suggested Alberta might be entitled to as much as C$334 billion if it left, though experts remain divided on that figure. Still, Smith is pushing forward, launching a province-wide consultation campaign and hinting at a possible referendum as early as next year. Warning! GuruFocus has detected 4 Warning Signs with BX. Inside Aimco, the tone has shifted dramatically. The fund's DEI and ESG programs are gone. Its global expansion has been reversed. And a new CIO, Justin Lord, is now steering the ship with a mandate to cut costs and rein in private equity exposure. Smith has been vocal in her criticism of high-fee strategies, calling out investments in firms like Blackstone (NYSE:BX) and KKR (NYSE:KKR) unless performance warrants the premium. Some staff now describe the culture as increasingly bureaucratic, with a lack of clarity on direction. Aimco says it's still committed to delivering strong, risk-adjusted returnsbut the political pressure is impossible to ignore. Smith's ambitions go far beyond pensions. In July, she injected C$2.8 billion into the Alberta Heritage Savings Trust Fund, lifting its size to C$30 billion. Her target? C$250 billion by 2050. That would require near-9% annualized returnsaggressive, but potentially game-changing. With oil production rising and the federal government under new leadership, Alberta is betting big on financial independence. The message from Smith is clear: Alberta wants more control, more returns, and less Ottawa. And if her vision plays out, Alberta's next big export might not be oilit could be a new playbook for pension sovereignty. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Calgary Herald
11-07-2025
- Business
- Calgary Herald
Justin Lord promoted as CIO of AIMCo
Article content Alberta Investment Management Corp. promoted Justin Lord to chief investment officer as the provincial pension manager revamps its leadership following a government shakeup. Article content Lord joined Aimco in 2012 and has previously overseen the company's equities and fixed income teams, the Edmonton-based money manager said Friday. Lord started his career at New Brunswick Investment Management Corp. in 2005. Article content Article content The promotion comes amid a tumultuous stretch for Aimco, which manages about $180 billion of pension money and other capital. Lord's predecessor, Marlene Puffer, left the firm last September, several weeks before the provincial government stunned staff by firing the entire board, Chief Executive Officer Evan Siddall and other executives. Article content Article content
Bloomberg
11-07-2025
- Business
- Bloomberg
Alberta's $130 Billion Pension Manager Promotes Lord to CIO
Alberta Investment Management Corp. promoted Justin Lord to chief investment officer as the provincial pension manager revamps its leadership following a government shakeup. Lord joined Aimco in 2012 and has previously overseen the company's equities and fixed income teams, the Edmonton-based money manager said Friday. Lord started his career at New Brunswick Investment Management Corp. in 2005.
Calgary Herald
20-06-2025
- Business
- Calgary Herald
AIMCo seeks new CIO amid push to expand Calgary office
Article content Alberta Investment Management Corp. is hunting for a new chief investment officer as it carries out an overhaul that began last year when the provincial government fired the board and its top executive. Article content The new CIO would be based in Calgary, the largest city in Alberta and the home of Canada's major oil and gas companies. Edmonton-based Aimco is considering both internal and external candidates, according to people familiar with the matter, asking not to be identified because they weren't authorized to speak publicly. Article content Article content Article content Four people held the CIO title at Aimco in less than four years. The most recent, Marlene Puffer, departed in September. Article content Article content Aimco, which manages about $180 billion of pension capital and other money for the Canadian province, wants to increase its staff in Calgary to boost the city's financial sector. Newly appointed Chief Legal Officer John Walsh works out of the Calgary office, which has about 70 of Aimco's 680 employees. Article content 'The size of the team in Calgary has grown and we're looking for space to accommodate them,' Aimco spokesperson Carolyn Quick said. The firm is also changing its remote-work policy, requiring employees to work from the office three times a week starting in January, the people said. Article content Aimco's restructuring was set in motion on Nov. 7, when Alberta's finance minister sacked the board, Chief Executive Officer Evan Siddall and three other executives, saying they had allowed expenses to soar to unacceptable levels. Ray Gilmour was named interim CEO and Stephen Harper, the former Canadian prime minister, was installed as chair. Article content Article content Since then, the money manager's global expansion, championed by Siddall, has reversed. It shuttered its offices in New York and Singapore and parted ways with David Scudellari, its global head of private assets, and Kevin Bong, the executive who ran the Singapore office. Article content Last month, Aimco laid off around a dozen employees and decided to freeze around 25 vacant roles, according to one of the people. Earlier this year, Aimco eliminated 19 jobs, including the role responsible for the diversity, equity and inclusion program. Article content Aimco produced a 12.6% return last year in its balanced fund, missing its benchmark of 13.4%. Its total fund return was 12.3%. But the fund's results exceeded those of some peers in the so-called Maple Eight, such as Ontario Municipal Employees Retirement System and Ontario Teachers' Pension Plan, which last year earned 8.3% and 9.4%, respectively.
Bloomberg
20-06-2025
- Business
- Bloomberg
Alberta Pension Looks For New CIO Amid Push to Expand Calgary Office
Alberta Investment Management Corp. is hunting for a new chief investment officer as it carries out an overhaul that began last year when the provincial government fired the board and its top executive. The new CIO would be based in Calgary, the largest city in Alberta and the home of Canada's major oil and gas companies. Edmonton-based Aimco is considering both internal and external candidates, according to people familiar with the matter, asking not to be identified because they weren't authorized to speak publicly.
