Chair & CEO Messages

The Alberta Investment Management Corporation (AIMCo) operated in a complex and highly competitive global investment environment in 2025. The Board of Directors provided strong oversight on governance, costs, and strategic direction, ensuring the organization focused efforts on fulfilling its mandate — providing top-tier investment management services and acting in the best interests of clients.

The AIMCo that is taking shape is one that serves Albertans with integrity and professionalism. I am satisfied with the decisive steps taken to improve discipline around value and clarity in accountability to stakeholders. To that end, formalizing Ray Gilmour in a permanent role as CEO is a strong signal that establishes stability for AIMCo.  

The direction ahead is clear. The Board and I expect to see continuous improvement in long-term investment outcomes for clients. That is the bar by which AIMCo will be measured and I have the utmost conviction that superior results are achievable.

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Rt. Hon. Stephen J. Harper
Chair, Board of Directors

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In a year characterized by a highly nuanced investment landscape, the theme of our annual report, Where Value Takes Shape, is poignant. Where there is uncertainty, it is imperative to focus sharply on what AIMCo’s clients require — cost-effective, highly capable investment management. That focus defined the year.

AIMCo earned a sound 7.6% rate of return on the Balanced Fund in 2025. That equated to $13.1 billion in net returns for our clients. Since inception as a Crown corporation in 2008, AIMCo has delivered $128.3 billion in net investment returns.

It was with great humility that I accepted the permanent role of CEO late in 2025. It has always been my intention to strengthen AIMCo and ensure it is fulfilling the mandate set forth by the Government of Alberta. With the Board’s support, I believe we have made great strides, and I am grateful for their trust and partnership in this effort.  

Six executive appointments have strengthened leadership and demonstrated a considerable commitment to developing the exceptional talent inside the organization. Justin Lord, Chief Investment Officer; Peter Teti, Global Head of Private Assets; Cecilia Menghini, Chief Risk Officer; John Walsh, Chief Legal Officer, Chief Compliance Officer; Kelly Featherstone, Chief Client Relations Officer; and Janice Guzzo, Chief Human Resources Officer all bring extensive experience and deep understanding of AIMCo and its strategic direction. Many thanks to our outgoing executives, Suzanne Akers and Amit Prakash, who concluded their time at AIMCo by sharing their expertise as we executed the succession plan.

The organization is in the final stage of completing the Business Transformation program improving the technology, data and processes that underpin our work for clients. An incredible amount of commitment has gone into this endeavour, and I am appreciative of everyone involved for their dedication.  

Our annual report is intended to support public understanding of Alberta’s investment manager, including the asset allocations selected by clients, portfolio performance over the short and long term, cost management and other key elements of our mandate.

To close, I would return to the central theme of this report and to what must always remain at the centre of our work. Alberta is where AIMCo’s value matters most. Workers, pensioners, and taxpayers across this province rely on us to be disciplined, responsible stewards of their capital. It is a responsibility we take seriously, and one that defines our purpose as an organization committed to delivering for our clients and the Albertans they serve.

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Ray Gilmour
CEO

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