Evan Siddall will become CEO of Alberta Investment Management Corp., effective July 1 and replacing Kevin Uebelein.
Mr. Uebelein became CEO for the manager of pension, endowment and government fund in Alberta in January 2015. In November, AIMCo said that Mr. Uebelein would depart by June 30 and that the board of directors had created a CEO recruitment committee to find a replacement.
Mr. Siddall was president and CEO of the Canada Mortgage and Housing Corp., a role he has held since January 2014. Prior to that appointment he was special adviser to the governor of the Bank of Canada.
"Evan is an executive who is ready to drive the organization forward with an exceptional focus on clients, commitment to collaboration, and deep knowledge of financial services," Mark Wiseman, chairman of AIMCo's board, said in a news release. "The board and I look forward to working in partnership with him in this exciting new chapter for AIMCo."
A spokesman for AIMCo said that though there is no overlap, Mr. Uebelein will play an important role in supporting the transition process.
The announcement coincided with the publication of AIMCo's 2020 financial update ahead of its annual report, to be released in June.
Assets under management were C$118.6 billion ($92.8 billion) as of Dec. 31, compared with C$118.8 billion as of Dec. 31, 2019.
AIMCo's total fund return was 2.5% net of all fees, equivalent to about C$3 billion in net investment income. That compared with a 10.6% return, equivalent to C$11.5 billion, in 2019.
The four-year and 10-year annualized total returns were 6.1% and 7.7%, respectively.
Public equities and fixed income recovered after a challenging first quarter at the height of the coronavirus pandemic, the release said. Private equity outperformed overall but infrastructure "fared less well."
A repositioning of the real estate portfolio toward industrial and logistics should drive strong performance for the future, but the office and retail sectors were challenged in 2020.
