Alberta’s government-owned asset manager landed Marlene Puffer as its new chief investment officer on Tuesday, luring her away from the top job at Canadian National Railway Co.’s CNR-T pension plan.
Dr. Puffer joins the Alberta Investment Management Corp. (AIMCo) at a time when the Alberta government is adding money and new clients to the $160-billion fund. AIMCo manages money for 32 groups, including civil-servant pension plans and the province’s $18-billion Heritage Savings Trust Fund.
“I am delighted to have Marlene join AIMCo. She is both a fantastic addition to the company and a complement to our leadership team,” said Evan Siddall, chief executive officer of AIMCo, in a press release. Ms. Puffer will join the Edmonton-based fund manager at the end of January.
Dr. Puffer was previously CEO at the $19-billion CN Investment Division, which runs the Montreal-based railway’s pension plan. She also served as vice-chair of the Healthcare of Ontario Pension Plan and worked at several private-sector fund managers. She started her career as an investment banker with Bank of Montreal and Royal Bank of Canada, and earned a PhD in finance from the University of Rochester.
AIMCo also announced interim chief investment officer Sandra Lau will leave the fund manager after 24 years. Ms. Lau ran AIMCo’s fixed-income investments prior to taking on the chief investment officer responsibilities in March. Mr. Siddall said: “I want to acknowledge and thank Sandra Lau for her deep commitment to AIMCo and track record of delivering client value.”
AIMCo named Mr. Siddall as CEO in July, 2021, as part of a management makeover, after the fund lost $2.1-billion on derivative-based equity market investments during the COVID-19 pandemic. He was previously CEO of the Canada Mortgage and Housing Corp.
In recent years, Alberta’s governing United Conservative Party moved the $18-billion retirement fund for the province’s teachers under the AIMCo umbrella. The government has also raised the idea of moving Alberta’s contributions to the Canada Pension Plan into AIMCo.