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We don’t need an independent Alberta. We need to keep AIMCo independent
Open this photo in gallery:Alberta Premier Danielle Smith previously sacked AIMCo’s board and CEO, and has also previously pushed for the province to leave the Canada Pension Plan. Jeff McIntosh/The Canadian PressIt’s too soon to breathe easy on Alberta secession. Sure, the referendum’s preliminary results show that some 75 per cent of Albertans voted to remain in Canada. But the proportion of people who signalled they favour a binding vote on separation – roughly 25 per cent – is significant. This is hardly a resounding endorsement of Canadian unity. Federalists who assume they won and dismiss the concerns of Alberta separatists are making a big, fat mistake. The fallout from this historic vote will be felt for years. Secessionist leaders have explicitly said they plan to use this meaningful denouncement of Canada as leverage to agitate for change. That brings us to the Alberta Investment Management Corp., or AIMCo, which is a sitting duck for renewed political interference in light of the referendum result. The Edmonton-based institutional investment manager is part of the “Maple 8″ group of public pension fund managers and Alberta’s Crown jewel.
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BMO appoints new U.S. head as Darrel Hackett steps down
Bank of Montreal’s BMO-T U. S. head, Darrel Hackett, is leaving his role as the lender bets on reviving its operations in the country to bolster its profitability. Mr. Hackett, who has spent more than 22 years at BMO, will take on the role of executive vice-chair and senior adviser as of Nov. 1. BMO tapped its U. S. general counsel, Tim Cox, as its new U. S. country head and CEO of its U. S. subsidiaries, effective Nov. 1. He is also a member of the bank’s U. S. management committee and chairs its U. S. regulatory committee. In March, BMO told investors that its U. S. division’s return on equity – a closely watched measure of profitability – has underperformed expectations, and that the bank will continue to revive the business to bolster growth. “Darrel has played a central role in advancing our North American growth strategy and helping build the U. S. business we have today,” BMO chief executive officer Darryl White said in a statement. Prior to his role as U. S. general counsel, Mr. Cox held other roles at the bank, including chief regulatory officer, managing director and U. S. chief security officer.
Walmart takes aim at Amazon and Costco with new membership program — but is it a good deal?
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