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 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.  Alberta Finance Minister Nate Horner will temporarily become the fund manager’s chairman and sole director as the government of the Canadian province overhauls the firm.

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.

Court Ellingson, Alberta NDP shadow minister for finance, issued a statement in response, calling the move “UCP incompetence.” “In an unprecedented move, the UCP fired the entire board and the CEO, and made their own politician—not an investment expert—the sole person in charge of over $170 billion of these Albertans’ pensions,” said Ellingson.