The province says the move comes 'after years of AIMCo consistently failing to meet its mandated benchmark returns.' For now, Finance Minister Nate Horner has been appointed the sole director and chair for AIMCo.

Alberta’s finance minister has sacked the chief executive officer and entire board of directors of Alberta Investment Management Corp., the Crown corporation that manages pension and other funds for the province and handles more than $160 billion in assets.

The changes were made to restore trust in the Edmonton-based Crown corporation and institutional investor responsible for managing several public funds and pensions, the province said. AIMCo has seen significant increases in operating costs and fees alongside returns on investment that have not corresponded with the cost increases,

Alberta Investment Management Corp.’s entire board was sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.