Alberta Removes AIMCo Board
This is a Alberta news story, published by financialpost, that relates primarily to Danielle Smith news.
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Alberta governmentfinancialpost
•AIMCo expansion, Alberta's investment focus were sources of tension before purge, sources say
70% Informative
Alberta Investment Management Corp. (AIMCo) removed its entire board of directors and CEO this week .
The provincial government said it was driven by rising costs at the Crown corporation.
But three pension veterans familiar with events say there was more going on behind the scenes than scrutiny of costs.
Alberta Premier Danielle Smith is preparing to unveil her government’s plan to boost the size of the AIMCo-managed Heritage Savings Trust Fund , which, according to its website, “produces income to support government programs essential to Albertans .
AIMCo posted an overall return of 6.9 per cent in 2023 , despite challenges in its real estate portfolio.
The asset manager ended the year with $160.6 billion in assets under management.
Industry sources say the company's costs are in line with industry standards.
VR Score
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Informative language
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semi-formal
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English
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