Website: aimco.ca
Head office address (Canada): 10250 101 Street NW, Suite 1600, Edmonton, AB T5J 3P4
Year established: 2008
Ownership structure: Crown corporation, Province of Alberta
Target market/client profile: Alberta-based institutional funds
Number of professional staff: around 700
Canadian office locations: Edmonton (head office), Calgary, Toronto
AIMCo is a provincial Crown corporation based in Alberta with its head office in Edmonton. It manages pension, endowment, insurance, and government funds for Alberta-based clients across public and private markets worldwide. The corporation reported $194.7 billion in AUM as at December 31, 2025.
Provincial legislation established the Alberta Investment Management Corporation on January 1, 2008. Before that, the Ministry of Finance oversaw those investments directly. The new organization operated at arm’s length from government, with a mandate to grow provincial assets over the long term.
From its early years, AIMCo built a portfolio that covered public and private markets across multiple countries. Its client base grew alongside Alberta’s expanding public sector pension and fund obligations.
In 2017, the corporation moved deeper into renewable energy. It partnered with The AES Corporation to acquire sPower. At the time, sPower was the largest independent utility-scale solar developer in the United States. Each party took roughly a 50 percent equity stake, and the deal closed at around US$1.6 billion.
In 2019, the provincial government passed legislation targeting the Alberta Teachers’ Retirement Fund (ATRF). Under that law, ATRF was required to transfer its investment management to AIMCo. That decision became a source of ongoing dispute in the years that followed.
The spring of 2020 brought the organization’s most difficult period. An in-house volatility trading program called VOLTS lost $2.1 billion when markets crashed and then rallied sharply in early 2020. AIMCo shut the program down and acknowledged the result fell short of expectations.
An internal review, backed by outside consultants, found the firm lacked sufficient risk controls. Several senior figures left in the months that followed. CEO Kevin Uebelein, who had led AIMCo since 2015, departed by mid-2021.
The ATRF dispute also reached a resolution that year. The Alberta Teachers’ Association had filed a legal challenge over how AIMCo managed those pension assets.
In September 2021, both sides reached an agreement that returned investment decision authority to ATRF. Evan Siddall, who had previously led the Canada Mortgage and Housing Corporation, took over as CEO in July 2021.
In November 2024, the Alberta government replaced AIMCo’s leadership team and board of directors. Ray Gilmour, previously Alberta’s deputy minister of Executive Council, stepped in as interim CEO. Former Prime Minister Stephen Harper joined as board chair on November 20, 2024.
AIMCo’s 2024 Balanced Fund returned 12.6 percent and total assets reached $179.6 billion by year-end. That result came 0.8 percentage points below the benchmark. Benefits and Pensions Monitor (BPM) confirmed Gilmour’s permanent appointment as CEO in December 2025, after more than a year in the interim role.
Alberta Investment Management Corporation manages institutional capital across five core investment areas:
AIMCo manages these assets on behalf of its clients rather than investing its own capital. The corporation says ESG integration helps manage risk and improve long-term returns across its portfolios.
Ray Gilmour serves as AIMCo’s CEO, with a background in provincial government rather than asset management. He spent over five years as Alberta’s Deputy Minister of Executive Council. Gilmour holds an MBA, a CPA, and an ICD.D designation.
Gilmour’s executive team at AIMCo includes the following senior officers:
The Right Honourable Stephen J. Harper chairs AIMCo’s board of directors. Harper served as Canada’s Prime Minister from 2006 to 2015 before moving to business and advisory roles. Other directors include:
BPM reported on Lau’s June 2025 board appointment, as the corporation continued its governance overhaul under Harper. She brings over 25 years of investment and risk management experience, most of it earned at the firm.
AIMCo manages assets for more than 30 institutional clients, all based in Alberta. Key plans include:
The corporation manages assets for roughly 375,000 active and retired members across those funds.
AIMCo invests those assets globally, with about 38 percent of the total portfolio in the US. That US allocation spans multiple asset classes, from public equities to private equity. The corporation also holds positions in the UK, Europe, and other international markets.
In April 2026, AIMCo’s CIO outlined the firm’s global investment strategy. It covered the firm’s positioning in private credit and its approach to US market exposure.
Our Elite Women 2024 feature included former AIMCo chief people officer Krista Pell. The corporation also earned an excellence awardee distinction at the 2024 Canadian HR Awards in the finance and insurance category. Both add to the firm’s record as a top employer in Alberta, a distinction it has held for 12 consecutive years.
The corporation also runs an employee-led initiative called the AIMCo Foundation for Financial Education. It funds financial literacy programs for non-profit groups and post-secondary finance education across Alberta. The foundation is one way the organization gives back to the Alberta communities its clients serve.
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