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Alberta fires entire AIMCo board, relieves CEO of duties, due to 'significant' cost increases
Long-serving bureaucrat Ray Gilmour appointed interim chief executive
ca.finance.yahoo.com
The Alberta government has jettisoned the entire board of Alberta Investment Management Corp. (AIMCo), as well as CEO Evan Siddall, saying the investment manager of pensions, government and endowment funds in the province has seen “significant” increases in operating costs and management fees in recent years “without a corresponding return on investment.”
From 2019 to 2023, AIMCo’s third-party management fees have increased by 96 per cent, the number of employees increased by 29 per cent and salary wage and benefit costs increased by 71 per cent, the government said in a news release Thursday, adding that the costs increased even though AIMCo managed a smaller percentage of funds internally during that time.
In 2020, AIMCo lost a stunning $2.1 billion on a volatility investing strategy.
亏得没底裤，开支无限涨
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