The Alberta government will move its investment operations into a provincial corporation under new legislation.
The newly named Alberta Investment Management Corporation is expected to have improved organizational governance, increased flexibility and opportunities for greater investment returns for Alberta’s savings, public sector pensions and other funds.
Bill 22 proposes the separation of the Investment Management Division from the Department of Finance into a provincial corporation.
A recent study commissioned by the government concluded that a stand-alone organization would be the most appropriate structure to achieve investment excellence.
The proposal follows best practices for top public sector investment funds such as the the Ontario Teachers’ Pension Plan, Canada Pension Plan, and the British Columbia Investment Management Corporation.
It’s expected the new corporation could improve net investment returns by 25 to 100 basis points.
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