Longtime Alberta bureaucrat Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions and investments at arm's-length from government.

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’s government named a long-serving bureaucrat as interim chief executive officer of the province’s pension fund manager following Thursday’s shock firing of the entire board.

Petursson Philip Petursson, chief investment strategist at IG Wealth Management, talks with Financial Post's Larysa Harapyn about how to position your portfolio as rates come down. The Alberta government has jettisoned the entire board of Alberta Investment Management Corp.