Following the launch of its Singapore office, Canada-based Alberta Investment Management Corporation is seeking expansion throughout Asia with plans to quadruple headcount.
With the opening of its Singapore office yesterday, Alberta Investment Management Corporation (AIMCo) will now seek expansion throughout Asia to boost the region’s current share of assets under management (AUM) of less than 4 percent, according to CEO Evan Siddall.
AIMCo’s Asia business was previously seen as more of an add-on but moving forward, it will be central to its overall strategy. And to support growth ambitions, it will look to gradually boost headcount in Singapore to over 20, quadrupling the four people currently employed in the region.
«Now, Asia is very much the core of what we do. We have a lot of appetite to grow,» Sisdall said at a media briefing attended by finews.asia.
Investment Strategies
In terms of investment strategies, AIMCo is seeking diversification in Asia with the target of increasing the share of its overall portfolio based in the region to around 10 percent over the next five years. Thus far, the majority of its regional investments have been made in infrastructure and real estate. Globally, AIMCo has AUM of C$19 billion ($14 billion) and C$23 billion in the two asset classes, respectively.
«Diversification in Asia is the name of the game for us at this moment,» said AIMCo chief investment officer Marlene Puffer, though she noted that the firm had no direct exposure in China where «it will take some time to be willing to take advantage of those opportunities».
Globally, AIMCo has C$164 billion in AUM. Including the new Singapore office, it now has six offices worldwide, including Edmonton, Calgary, Toronto, London and Luxembourg. Plans to add a New York office next are now under way.
