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The loss amounts to roughly two per cent of AIMCo’s $119 billion portfolio. The fund manager controls investments for 375,000 members of provincial public retirement programs, including the $18 billion Heritage Savings Trust Fund and $50 billion for the Local Authorities Pension Plan (LAPP), with 275,000 members, including health-care, city and school employees and retirees.
In his April statement, Uebelein said AIMCo takes full responsibility for the investment strategy that led to the blow and committed to “making any and all changes to ensure AIMCo is stronger and that we avoid a repeat of this outcome, regardless of market turmoil.”
The independent Crown corporation is set to take over the investment management of roughly $18 billion in assets under the Alberta Teachers’ Retirement Fund (ATRF) in 2021 after the UCP government passed a bill in November.
On Tuesday, Alberta Teachers’ Association president Jason Schilling renewed his call for the government to keep teachers’ pensions out of AIMCo’s management.
“Time to listen to teachers’ concerns and repeal this decree,” he wrote on Twitter.
