This is your daily pension announcement! The I'm sure nobody will want this job now edition. So many things going on....
First, the intrepid Leanna Orr reports on the departure of Kevin. #AbLeg
Just read her description of the modern Alberta hellscape
institutionalinvestor.com/article/b1pbkk…
First, the intrepid Leanna Orr reports on the departure of Kevin. #AbLeg
Just read her description of the modern Alberta hellscape
institutionalinvestor.com/article/b1pbkk…
"Alberta Investment Management Corp. CEO Kevin Uebelein is on his way out, having led the public fund as it lost billions on wayward volatility trades and became the center of bitter political battles between the province’s far-right government and its own unionized clients."
No one has encapsulated so much with so few words. Even to generally right leaning institutional investors our good ol' 'berta qualifies as a far-right govt.
As I have previously opined, Kevin's major error was putting himself at the center of a political decision. #ABLeg
As I have previously opined, Kevin's major error was putting himself at the center of a political decision. #ABLeg
In other news, LAPP released Q3 numbers. Better for the quarter, but still suffering the effects of blowing $2.1 billion.
Q3 (without the downside protection) 2.89% versus a benchmark of 2.26%. So at least it is on the right side of the benchmark! #ABLeg
Q3 (without the downside protection) 2.89% versus a benchmark of 2.26%. So at least it is on the right side of the benchmark! #ABLeg
I will take this moment to remind you that the LAPP investment goal is 0.85% above the benchmark. Something they are still well short of.
The one year number is truly ugly... 2.51% return versus a bench of 7.22%. Wonder what @premiamgmt will have to say? #ABLeg
The one year number is truly ugly... 2.51% return versus a bench of 7.22%. Wonder what @premiamgmt will have to say? #ABLeg
The four year LAPP return is 5.89% versus 6.60% for the benchmark.
Not to be surprised from an intellectually challenged finance minister who, for example, appointed two people to the AGLC Board illegally. #ABLeg
Not to be surprised from an intellectually challenged finance minister who, for example, appointed two people to the AGLC Board illegally. #ABLeg
BTW Travis has refused to answer any questions about the two appointments. That would be his job.
He also refuses to answer questions about ATRF publicly. #ABLeg
He also refuses to answer questions about ATRF publicly. #ABLeg
In other AIMCO news the fellow who was the Chief Risk Officer during the VOLTS debacle is leaving. Probably a good idea. #ABLeg
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