Canadian pension manager shuts Singapore and New York offices; 2 senior executives leave
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It’s a major reversal for the C$169 billion (S$160 billion) money manager, which opened the Singapore office in 2023.
PHOTO: LIANHE ZAOBAO FILE
TORONTO - Alberta Investment Management (Aimco) 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 Mr David Scudellari, its global head of private assets, and Mr Kevin Bong, the executive who ran the Singapore office, a spokesperson confirmed. Mr Peter Teti has been tapped as interim head of private assets.
It is a major reversal for the C$169 billion (S$160 billion) money manager, which opened the Singapore office in 2023 and the New York location in 2024. Alberta’s Finance Minister set the restructuring in motion in November when he fired Aimco’s entire board and chief executive 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,” spokeswoman Sabrina Bhangoo said by e-mail. “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 for our clients.”
Mr Scudellari had been in his role only since September, assuming responsibilities from former chief investment officer Marlene Puffer. Mr Bong joined in August 2023, from GIC, and held the role of chief investment strategist, responsible for taking Aimco into more deals in the Asia-Pacific region.
Mr Scudellari did not immediately respond to a request for comment, while Mr Bong could not be reached. Both are no longer listed on the firm’s website.
In January, Aimco eliminated 19 jobs in non-investment areas, including the employee responsible for Aimco’s diversity, equity and inclusion programme.
Alberta Finance Minister Nate Horner shocked Aimco employees by ejecting Mr Siddall and the board on Nov 7, saying they had allowed expenses to soar to unacceptable levels. The government named Mr Ray Gilmour as interim CEO and installed former Canadian prime minister Stephen Harper as chairman.
The New York office – officially opened on Feb 13, 2024 – was among the contentious issues during Mr Siddall’s reign. Aimco rented an office in One Vanderbilt, a high-end Midtown Manhattan office tower, despite the reservations of some staff. BLOOMBERG
