Alberta’s $160-billion pension fund has closed the two hubs and parted ways with two executives, Alberta Investment Management Corp. spokesperson Carolyn Quick confirmed. Kevin Bong, the executive who ran the Singapore office, and David Scudellari, AIMCo’s global head of private assets, have both left the fund. Bloomberg first reported the closures. (The Logic, Bloomberg)

Talking point: The Singapore hub’s closure solidifies AIMCO’s sharp shift away from the strategy of its former CEO Evan Siddall, who opened the office in September 2023 as part of an effort to expand the fund’s exposure to Asian markets. In an email, Quick said the latest cuts come after a “careful evaluation” of operating costs. In November, the Alberta government suddenly fired Siddall, along with AIMCo’s entire board, after determining that rising operating costs and management fees were not leading to comparable returns on investment. AIMCo later appointed former prime minister Stephen Harper as the new chairman, and cut another 19 non-investment positions in January.