AIMCo's First Vol Casualties Emerge?
Last week, Andrew Willis of the Globe and Mail reported that AIMCo parts with executives who oversaw $2.1-billion investing loss: Alberta’s government-owned investment fund parted company this week with executives responsible for a $2.1-billion loss on trades linked to market volatility, as its board of directors completes an audit and brings in an outside leader. Alberta Investment Management Corp., known as AIMCo, oversees $119-billion on behalf of 31 clients, including pension plans for health care workers and police officers and the Heritage Savings Trust Fund. In an e-mail to clients on Wednesday, chief executive officer Kevin Uebelein said executive vice-president of public equities Peter Pontikes “is no longer employed with AIMCo.” Separately, AIMCo said portfolio manager David Triska, who ran the volatility-based strategies, also left the Edmonton-based fund manager. AIMCo did not tell its clients why Mr. Pontikes left after spending 19 years at the Edmonton-based fun