03

Our Clients

Each of AIMCo’s clients operates within unique parameters and with specific obligations. Our clients are responsible for establishing their respective investment policies and return targets.

AIMCo works with them to develop appropriate investment portfolios that consider the risk and return characteristics so they can meet those targets.

Pension Plans

AIMCo manages the investments for public sector pension plans representing hundreds of thousands of Albertans. Collectively, these plans account for $110.7 billion of AIMCo’s assets under management. We work closely with each pension plan to understand their investment policy objectives and to determine an investment approach that is appropriate for their needs.

Endowment Funds

AIMCo manages the investments for several endowment funds including the Alberta Heritage Savings Trust Fund, a pioneer among sovereign wealth funds. These funds have long time horizons and have been established to provide long-term savings as well as financing for medical research, academic scholarships, science and engineering. These assets account for $24.8 billion of AIMCo’s assets under management.

Insurance Funds

AIMCo manages the investments for several insurance-related funds on behalf of provincial arms-length organizations including Workers’ Compensation Board – Alberta, Credit Union Deposit Guarantee Corporation and Agricultural Financial Services Corporation. These funds amount to $12.8 billion of AIMCo’s assets under management and are invested in accordance with each client’s investment policy, with an emphasis on stability and preservation of capital.

Government Funds

AIMCo manages many key government assets used to fund the ongoing operations of the Province. These funds have a lower risk tolerance to market fluctuations, reduced risk relative to Pension or Endowment clients and amount to $8.1 billion of AIMCo’s assets under management. They are invested in fixed income products for stability, liquidity and preservation of capital and have a commensurately lower return expectation.

Specialty Funds

AIMCo manages the assets for select Specialty Funds, including some provincial arms-length organizations, which have unique objectives. In total, these assets represent $1.7 billion of assets under management at AIMCo. Each of these organizations aims to achieve a very specific mandate and we work closely with them to understand their needs and execute accordingly.

Balanced Fund

The Balanced Fund is a composite of client accounts that invest in the three main asset class categories of Money Market & Fixed Income, Public Equities, and Illiquids. These clients mandate AIMCo to combine asset allocation and active investment management to seek higher returns. Diversification plays an important role in maintaining a level of portfolio risk that is appropriate to the client as these funds can invest in a wider set of investment opportunities.

Assets under management (AUM)

By client type as of December 31, 2022
Asset Class (1)
Market Value
($Millions)
Money Market & Fixed Income
Equities(2)
Private Markets

Pension Plans

Local Authorities

58,526

26%

35%

39%

Alberta Teachers' Retirement Fund (3)

22,269

18%

58%

24%

Public Service

17,074

17%

50%

33%

Management Employees

6,108

23%

40%

37%

Special Forces

3,852

28%

41%

31%

Universities Academic

2,236

27%

0%

73%

Judges Supplementary Retirement

242

40%

38%

22%

Judges

168

33%

39%

28%

Management Supplementary Retirement

178

30%

47%

23%

Endowment Funds

Heritage Savings Trust

19,801

19%

37%

44%

Heritage Medical Research

2,225

19%

40%

41%

Heritage Scholarship Trust

1,465

20%

37%

44%

Heritage for Science and Engineering

1,327

19%

39%

42%

Government Funds

Cash Reserve Account

4,018

100%

0%

0%

General Revenue

3,571

100%

0%

0%

Long Term Disability Bargaining Unit

234

46%

36%

18%

Unclaimed Property Fund

134

100%

0%

0%

Alberta Risk Management Fund

72

100%

0%

0%

Long Term Disability Management

41

44%

33%

23%

A.L. Sifton Estate

1

100%

0%

0%

Insurance Funds

Workers' Compensation Board - Alberta

12,112

29%

34%

37%

Credit Union Deposit Guarantee

393

100%

0%

0%

Agriculture Crop Insurance

263

100%

0%

0%

Specialty Funds

Alberta Health Services

1,413

77%

20%

3%

Alberta Securities Commission

116

70%

30%

0%

City of Medicine Hat

105

40%

60%

0%

Special Areas Long Term Account

32

100%

0%

0%

AIMCo Retirement Compensation Arrangement Fund

2

44%

56%

0%

  1. Asset class weights are per AIMCo's categorization criteria.
  2. Includes Canadian Equity, Global Equity, Global Small Cap Equity, Emerging Market Equity and Global Minimum Variance.
  3. Asset mix calculation does not include portfolio construction market value of $33 million.