Alberta's pension fund blocks US conference travel as it restructures and reacts to trade scrutiny
Alberta Investment Management Corp. (AIMCo) has asked its employees to stop non-essential business trips to the United States amid US President Donald Trump’s trade war with Canada, according to Bloomberg, citing people familiar with the matter.
Employees are now barred from travelling to the US to attend conferences or speaking events, according to the same people, who requested anonymity due to the sensitivity of the issue.
However, they are still allowed to travel for board and investor meetings.
AIMCo, which oversees $179.6bn, declined to comment.
This decision follows a travel advisory issued by the Canadian government for individuals entering the US, warning that they should “expect scrutiny” and may have their electronic devices searched.
According to Politico, the Canadian Association of University Teachers (CAUT) also advised academics to avoid non-essential travel to the US due to concerns over privacy and increased border enforcement.
In response to rising tensions, some provincial governments have also begun distancing themselves from US financial institutions.
Last month, Alberta did not include Bank of America Corp. in a euro-denominated bond deal — a departure from its past six years of using the bank for such sales, as reported by Bloomberg.
The travel freeze also comes as AIMCo undergoes significant restructuring. Alberta’s government abruptly dismissed Chief Executive Officer Evan Siddall and the entire board in November.
Following this, the pension fund closed its offices in Singapore and New York.
As per Reuters, former Canadian Prime Minister Stephen Harper was later appointed chair of the board, tasked with stabilising the fund after performance concerns.
The provincial government cited operational inefficiencies and growing dissatisfaction over AIMCo’s cost structure and strategy as reasons for the leadership overhaul.
