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Jul 10 • 4 tweets • 3 min read
This is your daily pension announcement: The Pension War Room™️will begin analyzing the @aimcoinvests Annual Report. Here is a piece addressing the last year and their efforts to rebuild trust. #handsoffmypension

benefitscanada.com/news/cir-news-…
I take umbrage with “A combination of factors had undermined trust between AIMCo and some of our clients,”

It wasn't "SOME" of your clients, it was MOST of your clients representing MOST of your assets under management. #AbLeg
Details are important.
In fact, @ewsiddall has not even met with @albertateachers , one of his major clients. In trying to rebuild trust I would think this would be a requirement. #AbLeg

Here is the Annual Report for your education and enjoyment. More to follow.
aimco.ca/insights/aimco…
Here is a good review of the court case which, to his great credit, @ewsiddall deftly dealt with.
This would be one of the positives in his performance review.

benefitscanada.com/news/bencan/al…

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
Jul 11
This is your daily pension announcement. The Pension War Room™️will begin a deep dive into the @aimcoinvests Annual Report that was released quietly before a long weekend. No press release. No huzzah from Treasury Board and Finance. #AbLeg #handsoffmypension
I do want to reiterate that we are forced into having Twitter accountability for AIMCO since pension plan members are in NO WAY represented on the Board. In stark contrast with practice in the rest of the country, AIMCO is wholly owned by the GOA. #AbLeg
The first concern: lying. To quote the Annual Report,

"Attracting world-class investment professionals allows for AIMCo to continue to deliver top-tier investment performance with 69% of our clients’ assets managed internally," #AbLeg
Read 13 tweets
The AB Teacher Pension War Room Profile picture
Jul 8
The Pension War Room™️has returned from the wilderness to bring you the latest Heritage Fund Annual Report! Get your copy ⬇️⬇️. An interesting read by any account. Invested by @aimcoinvests and a great 1-year return.
alberta.ca/heritage-savin…
Earned an 11.8% one year return against a benchmark of 7%. Which is great by any measure. Also, one year returns don't mean much, but encouraging nonetheless.

Almost $20 billion in size now; next to the pension funds this would be a "small" fund. #AbLeg
@aimcoinvests investment cost was 0.90% (90 bps) both last year and the year before. This is a bit shocking. Asset mix is different than ATRF so a direct comparison is not warranted (bonds cost less to invest than other assets for ex). #AbLeg
Read 10 tweets
The AB Teacher Pension War Room Profile picture
Jul 1
This is your daily pension announcement! Happy Canada Day from The Pension War Room™️. I just want to let you know that we are looking forward to an active year in the pension landscape! We will continue to be **here** for you with analysis and salty commentary. #AbLeg #redouble Image
That paragraph snip above is from the @aimcoinvests "business case" for destroying a top quartile investment manager here in good ol 'berta. I think it is the paragraph of complete 💩🐂that put Travis over the edge. #AbLeg
Why would Kevin (CEO at the time) do that? Well he and his executive team stood to gain millions in compensation as the assets under management increased. #ABLeg

So looking forward to the @aimcoinvests Annual Report. It will be significant in both good ways and bad.
Read 7 tweets
The AB Teacher Pension War Room Profile picture
Jun 28
This is your daily pension announcement: The Pension War Room™️remembers when @aimcoinvests tried to backpedal their bullshit💩business case that said they outperformed ATRF. They released this ⬇️⬇️ a month after the crap hit the fan. #ABLeg
Look at the factors they give under "Comparing Historical Investment Performance". Because @aimcoinvests had been pilloried for NOT examining said factors in their business case. Why not make yourself the laughing stock of the industry? #ABLeg
If you don't get your CFA designation from a Cracker Jack box there are methods to control for risk, plan maturity, asset mix, and funded status in financial analysis.

The question was and is: Why wouldn't @aimcoinvests do that when preparing a business decision for Travis?
Read 6 tweets
The AB Teacher Pension War Room Profile picture
Jun 25
This is your daily pension announcement! The Pension War Room™️ warns you that the turd 💩 knuckles are out! Just so you remember that Travis is all in on the flawed UCP curriculum and wants an Alberta Pension Plan too! #AbLeg #handsoffmypension
Numbers matter my ass. Travis definitely gets an award for being the "most Kenney like" in this throw down. It is almost like he is JK's muppet. He also supports an Alberta Pension Plan despite the financial lunacy that it is. #AbLeg Sigh.
I'm reminded of a quote from the court case:

"There is no indication in the Record that ATRF was aware, at the time, of the extensive private communications between the Government of Alberta and AIMCo, or that draft versions of... the Ministerial Order had been exchanged."
Read 5 tweets
The AB Teacher Pension War Room Profile picture
Jun 19
This is your daily pension announcement: The Pension War Room™️again sinks into the pond of liquefied hog manure to find a kernel of truth!

@aimcoinvests Annual Report is coming soon! Guaranteed to be interesting reading combined with some salacious details. #AbLeg
For @MarkDWiseman it is an opportunity for him to justify why the AIMCO Board does not release their expenses to the public like every other board in AB.

(some of their investment professionals are rightfully excluded from expense disclosure-not the Board) #AbLeg
For @ewsiddall, it is an opportunity to further distance the org from the prior CEO Kevin's Dec, 2020 Op Ed where he exhorted Albertans to take pride in AIMCO and concluded with gratitude for the...

“vote of confidence the Alberta government has made in AIMCo.”

Gulp. #AbLeg
Read 8 tweets

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