Stephen Harper appointed to oversee Alberta’s $160B AIMCo fund

Former prime minister Stephen Harper is the new chairman of the Alberta Investment Management Corporation, or AIMCo, which oversees more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund.

The move comes almost two weeks after the province’s finance minister fired the Crown agency’s entire board, along with a number of executives, citing ballooning costs and substandard returns.

Premier Danielle Smith says the move is a step toward the long-term success of AIMCo.

Smith says the goal is to grow the province’s nest egg Heritage Fund, which is valued at $23 billion, to more than $250 billion in the next 25 years.

The province says Harper has specified he would do the work without being paid.

It also says three of the fired board members have been reappointed and will serve under Harper.

Lisa Johnson, The Canadian Press

Lisa Johnson is a reporter with The Canadian Press, a national news agency headquartered in Toronto and founded in 1917.