Alberta Investment Management
- Alberta Investment Management
Alberta Investment Management Corporation (AIMCo) is a crown corporation that is responsible for investing the Province's sovereign wealth fund, the Alberta Heritage Savings Trust Fund ["The Economist", Jan 17, 2008 ( [http://www.economist.com/finance/displaystory.cfm?story_id=10533428 economist.com] )] as well as several public pensions, and other endowment funds.
The legislation that created AIMCo was passed on March 13, 2007 [ [http://www.gov.ab.ca/acn/200703/21208712B3082-DC10-3E87-84846820EB06EACA.html Legislation establishes new provincial corporation to manage Alberta's investments ] ] , and AIMCo became a crown corporation in January 2008. AIMCo controls C$73.7 billion in assets under management as of June 30, 2007. It is one of the largest institutional investors in Canada.
Heritage fund
The Alberta Heritage Savings Trust Fund was created in 1976 by the Alberta Heritage Savings Trust Fund Act. Initially, the fund received 30% of Alberta's non-renewable resource royalties.
During the early 1980s, the fund made loans to other provincial governments in Canada. Later the fund's money was used for capital infrastructure projects. After 1987 resource royalty revenue was no longer added to the fund.
During the mid-1990s, public opinion turned against allowing governments to dip into the Heritage fund to fund special projects, and instead all income earned each year began to be withdrawn from the fund and added to general revenues.
As of 2007, the fund is invested in stocks, bonds, real estate and other ventures, with the aim of generating revenue for the province.
References
External links
* [http://www.aimco.alberta.ca AIMCo]
* [http://www.finance.alberta.ca/business/ahstf/index.html Heritage Fund]
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