AIMCo board fired by Alberta government [Video]

Alberta’s finance minister has sacked the board of directors of AIMCo, which manages pension and other funds for the province and handles more than $160 billion in assets.

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Finance Minister Nate Horner said in a statement Thursday that the move is due to rising management fees coupled with a consistent failure to meet mandated benchmark returns.

Horner said the decision takes effect immediately and he will be sole director and chair for AIMCo until a new chair is appointed within 30 days, with a new board established after that.

Horner says it’s time to reset the investment corporation’s focus.

“AIMCo’s work has direct consequences for Albertans,” Horner said.

“While they have achieved returns for their clients, we are acting to bring a renewed focus on the best possible returns and low operating costs.”

The province said that from 2019 to 2023, AIMCo’s third-party management …