Evan Siddall resurfaces at Bay Street as the sector reckons with governance costs
Evan Siddall, ousted from his role as CEO of Alberta Investment Management Corp. in a board and executive purge just over a year ago, has been named vice-chair of Bank of Montreal's capital markets division.
According to sources cited by Financial Post, Siddall secured the position because of his connections in private equity circles across Bay Street and Wall Street.
During his three-year tenure at AIMCo, he expanded the provincial pension manager's footprint by opening offices in New York and Singapore. His earlier senior investment banking roles at Goldman Sachs and Lazard cemented those relationships.
An unnamed source told the Financial Post that Siddall will work with BMO's industry coverage teams across geographies in an advisory capacity.
BMO declined to comment on the appointment.
The Alberta government dismissed Siddall and AIMCo's entire board in November 2024 after costs spiralled without performance gains to match.
As per Finance Minister Nate Horner's statement, “It seemed like it needed a reset, and that's what we did today.”
According to Benefits and Pension Monitor, between 2019 and 2023, the fund's third-party management fees surged 96 percent, salaries and benefits rose 71 percent, and staff headcount expanded 29 percent.
The international office expansion and a $1bn energy transition fund drew particular political scrutiny from Alberta's fiscally conservative government.
AIMCo has since slashed costs aggressively.
The New York location at One Vanderbilt closed, along with Singapore operations.
Bloomberg reported in June the fund laid off around a dozen employees and froze 25 vacant roles, after eliminating 19 positions including its diversity, equity and inclusion role.
Marlene Puffer, the chief investment officer who departed in September before the purge, received $6m in severance and other benefits.
Total termination pay for “key management personnel” hit US$7.9m—a 383 percent jump from the previous year.
Former Prime Minister Stephen Harper now chairs the board, with Ray Gilmour as interim CEO.
