Alberta Investment Management Corp., Edmonton, has decided to shutter its new offices in Singapore and New York as it retrenches from its global expansion plan.
The Canadian pension manager also parted ways with David Scudellari, its global head of private assets, and Kevin Bong, the executive who ran the Singapore office, a spokesperson confirmed. Peter Teti has been tapped as interim head of private assets.
It’s a major reversal for the C$169 billion ($118 billion) money manager, which opened the Singapore office in 2023 and the New York location just last year. Alberta’s finance minister set the restructuring in motion in November when he fired AIMCo’s entire board and Chief Executive Officer Evan Siddall, who had championed the growth plan.
“The decision follows a careful evaluation of the operational costs and the overall impact on our investment objectives,” spokesperson Sabrina Bhangoo said by email. “We remain committed to pursuing investment opportunities in the APAC region and globally, leveraging our extensive network of partners and existing offices to provide continued value to our clients.”
Scudellari had been in his role only since September, assuming responsibilities from former Chief Investment Officer Marlene Puffer. Bong joined AIMCo in August 2023 from GIC and held the role of chief investment strategist, responsible for bringing AIMCo into more deals in the Asia-Pacific region.
Scudellari didn’t immediately respond to a request for comment, while Bong couldn’t be reached. Both are no longer listed on the firm’s website.
Last month, AIMCo eliminated 19 jobs in non-investment areas, including the employee responsible for AIMCo’s diversity, equity and inclusion program.
Alberta Finance Minister Nate Horner shocked AIMCo employees by ejecting Siddall and the board on Nov. 7, saying they had allowed expenses to soar to unacceptable levels. The government named Ray Gilmour as interim CEO and installed Stephen Harper, the former Canadian prime minister, as chair.
