News Release

Restoring confidence in AIMCo

After years of AIMCo consistently failing to meet its mandated benchmark returns, the Minister of Finance will be making changes to restore confidence in Alberta’s investment agency.

The corporation has seen significant increases in operating costs, management fees and staffing without a corresponding increase to 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. These costs all increased while AIMCo managed a smaller percentage of funds internally.

Alberta’s government has decided to reset the investment corporation’s focus. A new board chair will be appointed within 30 days. All board appointments have been rescinded and a new board will be established after a permanent chair is named.

In the interim, President of Treasury Board and Minister of Finance Nate Horner has been appointed the sole director and chair for AIMCo, effective immediately.

“AIMCo’s work has direct consequences for Albertans. While they have achieved returns for their clients, we are acting to bring a renewed focus on the best possible returns and low operating costs.”Nate Horner, President of Treasury Board and Minister of Finance

Quick facts

• Minister Horner will not make investment decisions or receive any compensation in these roles.
• Clients will not experience any disruption to their portfolio during this transition.
• From 2019 to 2023, AIMCO’s total fund return averaged 7.62 per cent annually

AIMCo Operating Costs 2019-2023

Category	2019	2023	Per cent Change
Salary, wage, and benefit costs	$129.7 million	$222.3 million	+71.38%
Number of employees	465	600	+29.03%
Percent of funds managed internally	82%	67%	-18%
AIMCo costs (basis points)	31.1	40.8	+29%