Alberta Investment Management Corp. has asked its employees to stop nonessential business trips to the U.S. amid President Donald Trump’s trade war against Canada, according to people familiar with the matter.
Employees can no longer travel to attend conferences or speaking events in the U.S., but are still allowed to make trips for board and investor meetings, said the people, who asked not to be identified due to the sensitivity of the matter.
AIMCo, which oversees C$179.6 billion ($130 billion), declined to comment. The Edmonton-based pension fund’s decision comes after the Canadian government issued a warning for travelers entering the U.S., saying they should “expect scrutiny” and may have their electronic devices searched.
Since Trump imposed tariffs on Canada and other countries, provincial governments have started to curb their relationships with U.S. businesses. Last month, Alberta refrained from using Bank of America Corp. when it sold a euro-denominated bond deal, a break from its practice for such sales over the past six years.
The pension fund manager is undergoing a restructuring after Alberta’s government abruptly dismissed Chief Executive Officer Evan Siddall and the entire board in November, and shuttered its offices in Singapore and New York.
Besides AIMCo, other major public institutions in Canada are advising staff against traveling to the U.S., marking a greater erosion in the country’s longstanding trust with its neighbor, according to a separate Bloomberg report.
The Children’s Hospital of Eastern Ontario, one of Canada’s top pediatric research hospitals, is recommending its staff avoid U.S. trips.
“Due to the escalation of issues and volatility in the U.S., CHEO strongly encourages individuals to refrain from travel to that country at this time,” Chief Executive Officer Vera Etches said in a memo seen by Bloomberg News. A spokesperson for the hospital confirmed the contents of the memo.
