Alberta Investment Management
 |
|
| Crown Corporation | |
| Industry | Investment management |
| Founded | 1 January 2008 |
| Headquarters | Edmonton, Alberta, Canada |
|
Key people
|
Kevin Uebelein (CEO) Mac Van Wielingen (Chairman) |
| Total assets |
 C$90 billion (2014) |
|
Number of employees
|
350 |
| Website | aimco |
Alberta Investment Management Corporation (AIMCo) is one of Canada's largest and most diversified institutional investment fund managers, with an investment portfolio of approximately $90 billion. Headquartered in Edmonton, Alberta, AIMCo manages the assets of 31 clients, a diverse set of public sector pensions, endowments and government funds.
Legislation creating AIMCo was passed by the Alberta legislature on March 20, 2007, and AIMCo became a crown corporation on January 1, 2008. Prior to becoming a Crown corporation in 2008, the corporation's assets were managed by a division of Alberta Finance.
"At March 31, 2009 assets under its administration totaled approximately $69.0 billion (2008 – $75.7 billion) at market value." In its 2009 Annual Report AIMCo published its total fund return was -10.1% for the year ending March 31, 2009.
In 2015 AIMCo earned a 9.1% total fund net return on behalf of its clients. By 2015 AIMCo was managing 4 endowment funds, 7 pension plans, 9 government funds, 8 specialty funds, and 2 other balanced funds.
AIMCo is one of several "pooled investment portfolios" in Canada that allow for "client-controlled asset allocation for multiple public-sector pension plans and investment funds. Through pooled asset management, these entities achieve sufficient scale to produce significant cost savings through internal investment management and access to alternative asset classes." Through funds like these "Canada is emerging as a world-wide leader in successfully adapting the advantages of large funds to the public sector." These are "arm’s-length investment management entities with sufficient scale, independent boards and internal investment management, remunerated at rates competitive with the private sector."
AIMCo’s focuses its investments across three broad categories, Equities, Illiquid Investments, and Fixed Income all employing varying strategies.
Equity holdings, which contain both public and private equity, total to 43% (2015) of AUM. The public equity portfolio maintains exposure to a diversifying set of common style factors, as well as stock selection and other idiosyncratic risk. By investing with both private funds and co-venture deals, AIMCo private equity focuses on business that generate stable free cash flow and are operated by strong management teams.
Illiquid Investments, which constitute 22% of AUM, include long-term holdings in Real Estate, Infrastructure and Timberland. The long term Real Estate assets are the core strategy direct investments in office, retail, industrial and multi-unit residential properties located in major Canadian Centres. AIMCo’s Infrastructure investments match long duration real return asset characteristics with inflation indexed-pension liabilities. The Timberland assets are held to provide inflation hedging and a long-term duration match with client obligations.
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