AIMCo Appoints Justin Lord as CIO After Leadership Shakeup

Key Takeaways

Geography: Canada.

Analysis

The Alberta Investment Management Corporation (AIMCo) has named Justin Lord as its new chief investment officer (CIO), concluding a global search by selecting a seasoned internal candidate. The appointment comes at a pivotal time for the Canadian pension investment manager following significant leadership changes in 2024.

Lord, who joined AIMCo in 2012, has held a range of senior roles within the organization, most recently serving as senior executive managing director and global head of public markets. Prior to that, he led AIMCo’s public equities division and worked as a senior portfolio manager. His promotion is seen as a move to stabilize and refocus the firm’s investment strategy after months of internal restructuring.

Earlier in his career, Lord spent seven years with the New Brunswick Investment Management Corp., progressing from trader to portfolio manager, laying a strong foundation for his work in institutional asset management.

"Justin has proven he has the experience, expertise and investment acumen to head this critical function," said Ray Gilmour, AIMCo’s interim CEO. "He is a trusted partner to our clients and an excellent leader to our investment teams, and I am pleased AIMCo has the deep bench strength to tap for this role."

Lord’s promotion comes after a turbulent period in 2024, during which Alberta Finance Minister Nate Horner dismissed AIMCo’s entire board and CEO just weeks after former CIO Marlene Puffer departed. The drastic leadership changes were justified by the provincial government due to concerns over rising costs and elevated management fees. In the wake of the shakeup, former Canadian Prime Minister Stephen Harper was named board chair, and Gilmour was appointed interim CEO.

The CIO post had remained vacant for nearly a year before Lord's promotion, marking a critical step in restoring operational stability and long-term strategic direction.

Despite the leadership transition, AIMCo reported a 12.3% total fund net investment return for the year ended December 31, 2024. While the result underperformed its benchmark of 13.8%, the organization saw its assets under management grow to C$179.6 billion, up from C$160.6 billion in 2023.

Lord’s appointment is expected to bring continuity, as well as renewed focus on delivering long-term performance for AIMCo’s pension, endowment, and government fund clients.