The Alberta Investment Management Corp. is closing its offices in New York City and Singapore.
In an emailed statement to Benefits Canada, AIMCo spokesperson Carolyn Quick confirmed the office closures as “part of a strategic realignment of resources to better serve our clients.”
Read: AIMCo opening first Asia office in Singapore, remains leery of China
“The decision follows a careful evaluation of the operational costs and the overall impact on our investment objectives. We remain committed to pursuing global investment opportunities, leveraging our extensive network of partners and existing offices to provide continued value to our clients. Our focus on delivering superior returns will remain unchanged as we ensure that capital is deployed efficiently to best support long-term growth.”
The Singapore and New York offices were opened in 2023 and 2024, respectively, under the leadership of former AIMCo chief executive officer Evan Siddall.
Last November, Siddall, along with other senior executives and the board of directors, were fired by the provincial government, which cited rising management fees coupled with a consistent failure to meet mandated benchmark returns.
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