Kevin Uebelein, former chief executive of Pyramis Global Advisors, will take over the helm of the Alberta Investment Management Corporation (AIMCo) on January 5, succeeding Leo de Bever, who has led the Canadian firm since it was created in 2008, according to a statement.
Before heading Fidelity Investments’ institutionally-focused asset management unit, Uebelein also served as global head of investment solutions at Fidelity. He also held a number of positions at Prudential Financial, including head of alternative investments, chief investment officer for Japan and chief investment officer of international operations.
“The appointment of Mr. Uebelein as chief executive officer marks the successful conclusion of a comprehensive, diligent process to identify the individual best suited to lead AIMCo through its next phase of organizational maturity,” said Charles Baillie, chair of AIMCo’s board of directors, referring to the succession plan the firm announced in April. “Kevin brings exceptional talent, investment acumen and a strong client orientation to the organization,” he added.
Baillie also thanked de Bever for “his unwavering commitment to building an organization that rivals the most accomplished institutional investors,” adding that de Bever will be with AIMCo until December 31 assisting in the transition. “Leo’s passion for investments is undeniable and he has built a legacy of which all Albertans can be proud,” Baillie said.
Founded in January 2008 by the government of Alberta, AIMCo now serves 27 pension, endowment and government funds in the province. As of December 30, 2013, it had C$74.7 billion (€53.44 billion; $65.78 billion) in assets under management, achieving a 14 percent net return for pension and endowment clients and a 4 percent return for its government and specialty fund clients.
Since 2008, the organisation has earned a five-year annualised net return of 8.8 percent and approximately C$3 billion in value added.
The firm invests across all asset classes. In terms of infrastructure, AIMCo’s investments include utilities, energy and power (generation, transmission, distribution, pipelines) and transportation. Its most recent transaction was the acquisition – in partnership with Allianz Capital Partners and Hastings Funds Management – of Porterbrook, a UK rolling stock leasing company, for an undisclosed amount.
The market value of AIMCo’s infrastructure portfolio at the end of 2013, the latest figure available on the firm’s website, stood at C$3.37 billion.