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

The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

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,

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.

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.