The provincial government has removed the entire board of the Alberta Investment Management Corporation (AIMCo), saying its ballooning costs demand intervention. In a statement Thursday afternoon, the province announced it will "reset" the focus of the ...

The Alberta government has announced a new CEO for AIMCo, a day after it sacked the body’s entire board. AIMCo is the body that manages more than $160 billion in pension, endowment and government funds for the province. They also announced yesterday that Nate Horner, Alberta’s finance minister, would be the body’s sole director and chair.

Ray Gilmour was appointed by the government of Alberta, Canada, as the interim CEO of the C$168.9 billion ($121 billion) Alberta Investment Management Corp., Edmonton. On Nov. 7, the Alberta government of Premier Danielle Smith dismissed the entire 10-member board of AIMCo, citing underperformance issues and rising costs.

Alberta’s government named a long-serving bureaucrat as interim chief executive officer of the province’s pension fund manager following Thursday’s shock firing of the entire board.

This is also the third board to be fired in its entirety by the UCP government, following Smith’s firing of the Alberta Health Services board in 2022 and the firing of the Banff Centre for Arts and Creativity board last year.

The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

Alberta Investment Management Corp.’s chief executive officer and entire board were sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.