Latest news with #AlbertaInvestmentManagementCorp
Yahoo
29-07-2025
- 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
27-01-2025
- Business
- Bloomberg
Alberta Pension Manager Cuts DEI Role and 18 Other Jobs in Shakeup
Alberta Investment Management Corp. eliminated 19 jobs in non-investment areas, months after the government of the Canadian province ordered changes at the pension fund manager and fired its chief executive officer and the board. The employee responsible for Aimco's diversity, equity and inclusion program is one of the 19, according to people familiar with the matter.
