The provincial government has removed the entire board of the Alberta Investment Management Corporation (AIMCo).In an statement Thursday afternoon, the province said it has decided to "reset" the focus of the provincial corporation,

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 and other funds for the province and handles more than $160 billion in assets.

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.

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.