AIMCo Achieves 12.3% Return in 2024 | Chief Investment Officer

The Alberta pension manager, with assets rising to $127.7 billion by the end of the year, endured a leadership change forced by the provincial government last November.

The Alberta Investment Management Co., an entity which invests for multiple pension funds, endowments, government and insurance funds in Canada’s province of Alberta, announced a 12.3% total fund return for 2024, slightly underperforming its benchmark by eight basis points.

Assets of the fund rose to C$179.8 billion ($127.71 billion) at the end of 2024, rising by C$15.1 billion over the previous year.

Equities, unsurprisingly, were the fund’s best-performing assets. The asset class returned 24.7%, followed by infrastructure (12.0%), private equity (11.8%), money market and fixed income (4.6%) and renewable resources (1.9%). Real estate had a 2% loss.

The fund announced annualized four- and 10-year returns of 7.4% and 6.9%, respectively.

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The returns mostly came under previous leadership, as a November 2024 reshuffle of AIMCo leadership and priorities saw the government of Alberta push out longtime AIMCo CEO Evan Siddall and fire multiple senior staffers and the fund’s board, over complaints of rising fees.

Ray Gilmour remains the interim CEO, while former Canadian Prime Minister Stephen Harper is now the board’s chairman. Since the shuffle, the fund has closed its offices in New York City and Singapore, reversing a trend of global expansion under Siddall. The fund still has offices in Edmonton, Calgary, Toronto, London and Luxembourg.