Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️ seeks to expand your knowledge!

I want to be clear, I don't mean to disparage AIMCO. In fact, Kevin started this with his op ed. His job as an employee is to keep AIMCO out of the news. #fail #ABLeg

In my appearance before the standing committee I was asked why ATRF had never chosen to invest with AIMCO. I ran out of time after the first part of my answer. So, in the interest of full transparency, I will give a complete answer here: #ABLeg #AIMCOfail

ATRF never used AIMCO as an investment manager because:
1. None of their current clients would give them a good reference. (this is the one point I got out in the hearing) #ABLeg

2. Poor track record. (neg articles in financial press, poor during financial crisis) #ABLeg

3. Serious concerns about governance and risk management. The volatility $2 billion loss was only one symptom of poor board and executive oversight. Their byzantine structure needs help. #ABLeg

AIMCO is not a pension fund manager. Their approach to risk is inappropriate.

4. Organizational Instability. Departure of EVP of public equities and a board driven investigation are red flags. There have been other times in its history where concerns existed over its executive team turning over faster than a subway turn style. #ABLeg

On top of that ATRF would have lost $300 million to the volatility bomb alone had we been invested with AIMCO. #AbLeg So, you can watch this again and insert the rest of the answer in the approriate spot. #ABLeg #fail

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