After an extensive global search, the Alberta Investment Management Corp. (AIMCo) has drawn from within its internal ranks to appoint Justin Lord as chief investment officer.
Since joining AIMCo in 2012, Lord has served in multiple roles at the investment organization, including senior portfolio manager for public equities, director of public equities, and, most recently, as senior executive managing director and global head of public markets.
Earlier in his career, he spent seven years at the New Brunswick Investment Management Corp., starting out as a trader, then transitioning to the role of portfolio manager.
“Justin has proven he has the experience, expertise and investment acumen to head this critical function,” said Ray Gilmour, AIMCo’s interim chief executive officer, in a press release. “He is a trusted partner to our clients and an excellent leader to our investment teams, and I am pleased AIMCo has the deep bench strength to tap for this role.”
Lord’s promotion comes after a period of upheaval in 2024 that saw the province’s Finance Minister Nate Horner dismiss the entire board and its chief executive just a few weeks after the departure of its previous CIO, Marlene Puffer. The government, which cited increased costs and high management fees as reasons for the firing, later appointed former Canadian prime minister Stephen Harper as AIMCo’s board chair and named Gilmour its interim CEO. The investment manager had been without a CIO for nearly a year.
Earlier this year, AIMCo announced a total fund net investment return of 12.3% for the year ended Dec. 31, 2024. While the return missed its total fund benchmark return of 13.8%, it grew its total assets under management to C$179.6B in 2024 from C$160.6B in 2023.
