Alberta Investment Management Corp. returned 12.3 per cent last year, boosted by double-digit gains from its investments in stocks, infrastructure and private equity.
Assets under management rose to $179.6 billion (US$128 billion), according to a statement Thursday. Returns from the total fund, which reflects the results of all client accounts, missed its 13.8 per cent benchmark.
“This progress is a testament to the team’s ability to evaluate and seize opportunities, while skillfully navigating the volatile global investment landscape,” said Interim Chief Executive Officer Ray Gilmour.
Stock holdings delivered nearly 25 per cent last year, while private equity and infrastructure investments gained around 12 per cent each. The fund manager’s real estate portfolio notched a two per cent loss.
Aimco is in the middle of a broad restructuring after Alberta’s government abruptly dismissed CEO Evan Siddall and the entire board in November, saying they had allowed expenses to soar to unacceptable levels.
Since then, the pension fund manager shuttered its offices in Singapore and New York, parted ways with its global head of private assets and eliminated around 20 jobs. The government appointed Gilmour to temporarily lead the firm and installed Stephen Harper, the former Canadian prime minister, as chair.
Aimco invests globally on behalf of pension, endowment, insurance and government funds in Alberta, a Canadian province.
Layan Odeh, Bloomberg News
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