Capital Allocators – Inside the Institutional Investment Industry Marlene Puffer – Canadian Pension Model at AIMCo (EP.337)
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Sep 11, 2023 Marlene Puffer, the CIO of Alberta Investment Management Corporation (AIMCo), manages $160 billion in assets across various funds. She shares her journey from academia to the finance world, highlighting key investment strategies. The conversation dives into AIMCo’s asset-liability matching strategy, the unique governance of Canadian pensions, and the intricacies of compensation models that align with client interests. Marlene also discusses strategic partnerships in investment management and the importance of risk management in evolving markets.
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Modernizing CN's Strategy
- At CN, Marlene Puffer aimed to modernize the investment strategy of the well-funded pension plan.
- This involved educating the board on using leverage to reduce risk and optimize asset allocation.
Scaling Investment Principles
- Asset-liability management principles remain consistent regardless of pension fund size.
- Execution differs at scale, requiring longer planning, more partners, and global teams.
Compensation and Alignment
- Align compensation with asset managers to attract and retain talent.
- Motivate employees by aligning their work with the interests of pensioners.