Alberta Politics
Alberta NDP Labour Critic Christian Gray (Photo: David J. Climenhaga).

With representatives of the Alberta Investment Management Corp. scheduled to appear before the Alberta Heritage Savings Trust Fund Committee today to explain their recent laggard performance, the NDP Opposition reminded Albertans about Premier Jason Kenneys scheme to snatch their retirement savings from the Canada Pension Plan and hand them over to the provincial Crown corporation.

Mr. Kenneys faux independantiste United Conservative Party Caucus has long cast covetous sidelong glances at the huge pool of Albertans retirement savings managed by the CPP Investment Board, which is considered to be one of the best pension fund managers in the world.

AIMCo, as the Alberta corporation is usually known, does not have such a sterling reputation.

Indeed, AIMCo didnt have all that great a reputation in professional investment circles even before word leaked out in April 2020 that it had lost more than $2 billion initial reports said $4 billion on a hard-to-fathom gamble on market volatility.

When the bet went expensively south, AIMCo CEO Kevin Uebelein explained that markets behaved in a manner never-before-seen and the result was a very unfortunate loss. You dont say?

The same day Mr. Uebelein was saying that, a report in the New-York-based online publication for institutional investors that broke the original story described AIMCos volatility trade strategy as amateurish and noted that experts and data put AIMCo on a lower tier of sophistication among fund managers.

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