Alberta named a long-serving bureaucrat as interim chief of its public pension fund manager following the shock firing of the entire board and the CEO, as the provincial government tries to slash investment costs and dramatically increase the size of its sovereign wealth fund.

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’s finance minister has sacked the board of directors of AIMCo, which manages pension and other funds for the province and handles more than $160 billion in assets

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.

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