Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️revels in truth from Dr. Bob Ascah's AIMCO paper‼️Please allow me to provide the highlights that I have also been screaming! #AbLeg #handsoffmypension
parklandinstitute.ca/media_report_c…

Things like: “Trust in the governance of pension plans and in the investment management done on behalf of pension plan members ... is critical to the pension bargain..." (cont in next Tweet)
#AbLeg #handsoffmypension

"Unfortunately, this trust has been seriously eroded through legislative and regulatory actions taken by the United Conservative Party (UCP) government.”

The UCP have eroded trust. Sigh. Time for more action. #AbLeg #handsoffmypension

"Over a period of four to 20 years, AIMCo’s main job of beating its clients’ return objectives by consistently adding value was met in only six of 15 data points available."

Top quartile managers like the ATRF are not usually dismantled to be replaced with ⬆️⬆️⬆️. #AbLeg

"AIMCo’s five-year performance against its own benchmarks was minus 0.7 per cent, meaning AIMCo as the investment manager failed to meet its own performance expectations."

Proverb: If it was easy to make a top quartile manager then everyone would do it.#AbLeg #handsoffmypension

"A review of 10 years of performance data of AIMCo’s investment management for the Alberta Heritage Savings Trust Fund (AHSTF) shows volatile investment performance that should concern all Albertans and the government."

Enough said. #AbLeg #handsoffmypension

"The formerly independent Alberta Teachers’ Retirement Fund (ATRF) had a four-year performance that is over one percentage point above that of AIMCo, and AIMCo has not outperformed ATRF since 2017. "

How many times have I said this? #AbLeg

"An ATRF report to the Alberta Teachers’ Association found that had AIMCo managed ATRF’s investments over the past seven years, $1.3 billion of value would have been lost."

This report is still available on the ATRF website. #AbLeg #handsoffmypension

"In recent years, AIMCo was not a top performer compared to other major public pension fund managers based in British Columbia, Ontario, and Québec." #AbLeg

"Over a 10-year period, AIMCo once outperformed its four main peers, but that was nine years ago in 2012/13, when AIMCo’s value-add equalled that produced by the Ontario Teachers’ Pension Plan."
#AbLeg

"A thorough rethink of AIMCo’s board of directors and ownership structure is required in light of the troubling actions by the UCP government, AIMCo’s poor performance as an investment manager in recent years, and the serious structural weaknesses of AIMCo. "

I couldn't agree more. @jkenney's continuous straw-man arguments, Travis' stupidity and @Alberta_Finance's poor work advising the GOA. A real trifecta. As I have said before, @aimcoinvests deserves a good faith opportunity to execute their mandate. @AbLeg