Stephen Harper's name in mix as potential head of AIMCo, sources say
Former Prime Minister Stephen Harper is among those being considered to chair Alberta Investment Management Corp. (AIMCo), the $160-billion pension and endowment manager whose board of directors and chief executive were purged last week by the Alberta government.
Two sources familiar with events at the investment manager say Harper’s name has been in the mix for at least 10 months, which coincides with when Mark Wiseman, a seasoned pension executive and former CEO of the Canada Pension Plan Investment Board, vacated the chair role at the end of last year.
The speculation has grown “louder,” however, since the government jettisoned all 10 directors and a handful of key executives including chief executive Evan Siddall, according to one source, who requested anonymity due to the sensitive nature of AIMCo governance.
Alberta Treasury Board President and Finance Minister Nate Horner blamed rising staff numbers and costs — including salaries and third-party management fees — for the shakeup, declaring a “reset” at the arms-length investment manager. But sources familiar with events at the Crown corporation, which manages funds including pensions, endowments, and the provincial government’s Heritage Savings Trust Fund, say there had been tensions between the organization and the government for months over other issues. These included AIMCo’s international expansion through new offices in New York and Singapore, and the government’s focus on driving investments in Alberta.
The shakeup at AIMCo came as Alberta Premier Danielle Smith prepares to unveil her government’s plan to boost the size of the AIMCo-managed Heritage Savings Trust Fund, which, according to its website, “produces income to support government programs essential
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