Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️ will try to kill two birds with one stone today.

First , the AIMCO Annual Report will be released at 4 PM today!

They just had to wait until the furor over Bill 203 died down a bit. @ChristinaNDP #ABLeg

And, since MLA's don't sit on Fridays this is the equivalent to a Friday afternoon at 4 PM. Travis will safely be where no one can find him for comment.

Second, I did get a request through Twitter to explain how AIMCO operates a bit more.....#ABLeg

AIMCO is a statutory corporation owned by the province of Alberta. So it acts as an agent for the Province.(Good for Heritage Fund bad for LAPP.)

What all of that means is the GOA is liable for the activities of AIMCO. #ABLeg

So it boggles my mind and that of @premiamgmt the GOA (apparently) didn't consider the risks of taking on more clients.

Increasing the number of clients increases the potential liability of the GOA should something bad happen... #ABLeg

Like a volatility loss? Using a strategy that didn't meet your client's risk tolerance? That maybe the AIMCO Board did not understand? Prudent person rules are embedded in the Trust Act and the investment policies of the clients. #ABLeg

To be clear, the losses would only be put on the GOA if their is wilful misconduct on the part of AIMCO.

But, it does open the possibility of an agency of the GOA suing AIMCO over the volatility strategy losses.

Man, that would be fun to watch. #ABLeg

This is why the KPMG investigation is not talking to any of the client funds and only reporting to Travis and Kevin. They are trying to limit the ammunition available for a lawsuit (my opinion) from a client. #ABLeg

Last reminder: This annual report from AIMCO will include all the details of their under-performance of 2019, it will not include all the nasty details of the Q1 volatility losses. #ABLeg