New CIO says cross-asset collaboration will continue under current investment structure
Alberta Investment Management Corporation (AIMCo) has named Justin Lord as its new chief investment officer (CIO), effective immediately, following what it called “an extensive international search,” as reported by Benefits and Pension Monitor.
Lord, who joined AIMCo in 2012, most recently served as senior executive managing director and global head of Public Markets.
He managed public equities and fixed income strategies before stepping into the CIO role.
AIMCo Interim CEO Ray Gilmour stated that Long “has proven he has the experience, expertise and investment acumen to head this critical function.”
He added that Long is a trusted partner to clients and a strong leader for the investment teams, and expressed confidence in AIMCo’s internal talent pool for the appointment.
His promotion comes at a time when AIMCo continues to navigate executive turnover and an increasingly complex investment environment.
Benefits and Pension Monitor reported that AIMCo’s previous CIO, Marlene Puffer, left the position in September after less than two years.
Following her departure, AIMCo divided the CIO’s responsibilities between Lord, who led equities and fixed income, and David Scudellari, who was in charge of private assets until February.
AIMCo has since named Peter Teti, head of its private equity group, as global head of Private Assets. Teti will report directly to Lord.
With nearly 20 years of experience in institutional investment management, Lord began his career at the New Brunswick Investment Management Corporation in 2005.
Lord said he is proud to work on behalf of AIMCo’s clients and to lead what he described as “a world-class investment team.” He noted that the team shares a strong commitment to executing its investment strategy and fulfilling its mandate.
Lord will oversee AIMCo’s investment portfolio of more than $179bn in assets under management for 17 pension, endowment, insurance, and government clients across Alberta.
Benefits and Pension Monitor noted that AIMCo earned a 12.3 percent return last year, and Lord said recent client surveys reflect stronger satisfaction with the firm’s results and leadership.
“I think we’re headed in the right direction,” he said in an interview.
According to Benefits and Pension Monitor, Lord described plans to conduct a “deep dive across parts of the portfolio that perhaps I’ve been less involved in, across private assets.”
He also stated that recent structural changes at AIMCo have encouraged closer collaboration across asset classes and that continued integration of teams will feel “quite natural.”
He clarified that no major shifts were on the horizon, saying, “nothing drastic, to be quite honest.”
As AIMCo continues its executive reorganisation, the firm remains without a permanent CEO following the 2023 departure of Evan Siddall.
Gilmour currently holds the interim role.
Earlier this year, AIMCo appointed John Walsh as chief legal officer and promoted Janice Guzzo to chief human resources officer. Former CIO Sandra Lau was also added to the board in June.
Lord told BNN Bloomberg that AIMCo will continue to be “risk and return-focused” and “location agnostic” in its investment approach, especially amid increasing political and trade uncertainty.
“From a Canadian perspective, should that opportunity set be competitive on a global scale, we’d be delighted to take a look at those opportunities,” he said.
