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 ...

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

EDMONTON – Alberta’s finance minister has sacked the chief executive officer and entire board of directors of Alberta Investment Management Corp., the Crown corporation that manages pension

AIMCo has seen significant increases in operating costs and fees alongside returns on investment that have not corresponded with the cost increases, the province added.

Court Ellingson, Alberta NDP shadow minister for finance, issued a statement in response, calling the move “UCP incompetence.” “In an unprecedented move, the UCP fired the entire board and the CEO, and made their own politician—not an investment expert—the sole person in charge of over $170 billion of these Albertans’ pensions,” said Ellingson.

The news release said Alberta’s government plans to appoint a new board chair within 30 days. In the interim, Horner has been appointed the sole director and chair for AIMCo. All previous board member appointments have been “rescinded” and a new board is to be established after a permanent chair is named, according to the release.

Alberta Investment Management Corp.’s entire board was sacked by the provincial government, which says the money manager has increased compensation and staffing but hasn’t produced acceptable returns.