The pension fund is looking to expand its reach, says CEO
The Alberta Investment Management Corporation (AIMCo) had expressed its interest in buying the Trans Mountain pipeline should the federal government decide to put it up for sale, as reported in an article by Bloomberg.
The Trans Mountain Pipeline System is a multiple product pipeline system that carries both crude and refined products from Alberta to the coast of British Columbia. In 2018, this was bought by the federal Liberals in order to prevent the cancellation of the project’s expansion to the Pacific coast. They were set to put it up for sale once the project reaches completion.
“We have an active file on Trans Mountain. We would look at it. The government knows that, and we're keeping track of the situation,” said Evan Siddall, CEO of AIMCo.
AIMCo invests globally, managing about $160 billion in assets on behalf of its clients in Alberta. Siddal stated that the fund was currently investing 44% of its capital within Canada, expressing its intentions to diversify its Canadian investments and expand its reach to places such as Australia, South America, and China.
Siddall further explained that while investing in China may be currently cheap, there may be good value to be found in its markets.
“We're significantly underweight in that region, but we're looking at it all the time,” he said.
The chief executive further expressed his belief that the economic productivity of Canada was heavily impacted by the flow of capital into housing.
“We've made it too easy to invest in housing, and that's sucked investment capital out of retail investors, and out of institutions,” he said.
Although, Siddall explained that AIMCo was still investing in multi-family housing in the country as it believed that it is a good investment, given that it was a strong market in Canada.
“It’s safe, and we have a very strong support structure around housing in Canada from a financial point of view,” he added.
