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The Alberta government-owned investment manager on Thursday appointed the former head of the national housing agency as its new chief executive.

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The Alberta Investment Management Corporation (AIMCo) said Evan Siddall will officially begin work on July 1.

Prior to leading the Canada Mortgage and Housing Corporation for seven years, Siddall was Special Advisor to the Governor of the Bank of Canada. Siddall also worked in investment banking and spent two years as a senior executive at Irving Oil Limited.

Kevin Uebelein, CEO of AIMCo since 2015, said in a press release that he has full confidence in Siddall. Uebelein leaves the post on June 30.

“Evan is a veteran of the financial services industry and a highly regarded executive with the skills, presence and acumen to lead AIMCo,” said Uebelein.

The appointment comes after AIMCo announced a loss of $ 2.1 billion last April due to the volatility of its investment strategy.

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AIMCo manages approximately $ 118.6 billion in assets for 31 Alberta pension plans, endowments and government fund clients. In 2020, he earned a total fund return of 2.5% net of all fees.

The investment manager pointed out that its four-year annualized returns were 6.1 percent and 10-year returns 7.7 percent.

Siddall said he was excited to join the company.

“I look forward to working with AIMCo’s talented team of professionals to deliver consistently superior investment performance on behalf of our clients,” he said in the statement.

AIMCo’s 2020 annual report is expected to be released in June.

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