Longtime Alberta bureaucrat and top deputy minister Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions and investments at arm's-length from government.

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.

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.

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.

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.

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.

For now, Finance Minister Nate Horner has been appointed the sole director and chair for AIMCo, according to the province.