AIMCo looking to offload $99M in Russian assets
Alberta Investment Management Corporation is divesting about $99 million worth of assets tied to Russian securities.
AIMCo said Tuesday it was making the move in response to Russia's invasion of Ukraine a week ago.
"It reflects a change in the price of geopolitical risk and sustained impairment to the underlying value of the respective companies. We have a fiduciary obligation to our clients to act in their best interests and we believe this decision aligns with our investment objectives, policies, and prudent investment of capital," a statement from the fund manager read.
The amount of direct and indirect investments was current as of market close on Feb. 28 and accounted for 0.06 per cent of AIMCo's $160 billion assets under management.
AIMCo's only direct exposure to Russia is in the form of public equities. The $99 million represents 0.16 per cent of AIMCo's $48.7-billion public equities portfolio.
"We continue to divest all Russian securities as conditions permit, recognizing that at present trading in Russian securities has been curtailed by regulatory authorities," AIMCo noted.
It also committed to not purchasing Russian assets while conflict or financial sanctions were ongoing.
Alberta Premier Jason Kenney said he appreciated the move and called on Canada's government to take similar action.
"If there are plutocrats associated with the Putin regime that have assets, I think the Government of Canada should use every legal means at its disposal to freeze such assets," he told reporters during a news conference in Red Deer on Tuesday.
"The Government of Alberta does not have the power to do so, but we would be happy to cooperate with the federal government as necessary on that."
He said he did not know how much Russian money had been invested in Canadian energy infrastructure and companies.
B.C.'s public sector pension fund also announced on Tuesday it was "actively working" to sell its remaining Russian securities, which totalled $107 million.
CTVNews.ca Top Stories
Prince William and Kate release photo of daughter Charlotte to mark ninth birthday
Prince William and his wife Kate released a picture of their daughter Charlotte to mark the princess's ninth birthday on Thursday.
Ontario man loses $1,500 applying for Nexus cards on social media
The trusted traveller program between Canada and the United States is extremely popular and almost two million Canadians have a Nexus card.
NEW Facial reconstruction reveals what a 40-something Neanderthal woman may have looked like
Scientists studying a Neanderthal woman's remains have painstakingly pieced together her skull from 200 bone fragments to understand what she may have looked like.
Concerns about Plexiglas prompt inspections at some Loblaws locations in Ottawa
Inspections are underway at more than one Loblaws location in Ottawa after complaints were filed about tall Plexiglas barriers.
Weight-loss drug Wegovy available in Canada starting May 6
The makers of Ozempic say their weight-loss drug Wegovy will be available to patients in Canada starting Monday.
Five human skeletons, missing hands and feet, found outside house of Nazi leader Hermann Goring
Archeologists have unearthed the skeletons of five people, missing their hands and feet, at a former Nazi military base in Poland.
This Canadian restaurant just lowered its prices. Here's how it did it
A Canadian restaurant lowered its prices this week, and though news of price tags dropping rather than climbing sounds unusual, the business strategy in this case is not, according to experts in the field.
NEW Companies letting customers opt out of Mother's Day ads
In an effort to balance the profitability of Mother's Day with the pain it causes some people, some brands are offering customers the choice to opt out of Mother's Day email advertising.
NEW A mother's hopes to free her son from a Syrian prison is revitalized by a new human rights report
Just days before the seventh anniversary of the day Jack Letts was thrown in prison with thousands of suspected ISIS fighters, his mother, Sally Lane, delivered a small stack of envelopes to the headquarters of Global Affairs Canada in Ottawa.