AIMCo Promotes 2 Executives to Replace Outgoing CIO

Marlene Puffer

The Alberta Investment Management Corp., a pension fund which manages C$168.9 billion ($125.24 billion) in pension, endowment and insurance assets of more than 375,00 beneficiaries in the Canadian province of Alberta announced that the fund’s CIO, Marlene Puffer, will step down from her role, effective immediately.

Puffer joined Edmonton-based AIMCo in January 2023; her departure comes after nearly two years at the fund. The fund has promoted two senior AIMCo professionals into executive roles to take on Puffer’s duties.

In the same announcement, AIMCo announced that Justin Lord, formerly head of public equities, has been appointed senior executive managing director and global head of public markets. David Scudellari, the former head of international investment, has been appointed as senior executive managing director and global head of private assets and strategic partnerships. Scudellari, based in New York, will oversee private assets globally, while Lord, based in Edmonton, will oversee public equities and fixed income.

“I am very pleased to appoint Justin and David to their new leadership roles in leading investments for AIMCo. I am especially excited to welcome Justin to the executive team,” said AIMCo CEO Evan Siddall in a statement. “These appointments confirm the benefits of our focus on developing talented investment leaders from within the firm and Alberta. David and Justin both bring decades of investment experience, and I am excited to be so well-positioned to continue to fulfill our purpose to our clients, as we execute our investment strategy under their leadership.”

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Puffer is not the only high-profile Canadian CIO to step down from a position. Last month, PSP Investments CIO Eduard Van Gelderen left his role as CIO there.