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AIMCo losses
Apr 22, 2020
MEDICINE HAT, AB – Questions are being asked about the province’s Crown corporation tasked with managing public sector pensions, the Heritage Trust Fund and $175 million in City of Medicine Hat investments after a pair of media reports showing more than $5 billion dollars in losses.
The Globe & Mail reported on Tuesday that a volatility-based investment strategy employed by the Alberta Investment Management Corporation (AIMCo) lost $4 billion dollars due to the double-whammy of falling stock prices and plummeting oil prices.
That was followed by Alberta-based PressProgress website on Wednesday stating there was $1.1 billion in losses by AIMCo from investment in junior oil and gas firms.
City of Medicine Hat commissioner of corporate services Dennis Egert says the city’s investments are still in the positive while the losses need to be put in perspective of a fund that manages nearly $120 billion.
