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AIMCo Managing ATRF

The Alberta Investment Management Corporation (AIMCo) has entered into an investment management agreement with the Alberta Teachers’ Retirement Fund (ATRF). The agreement follows collaborative discussions between the parties to define how they can work together to ensure that AIMCo best serves the interests of ATRF and its members. The agreement clarifies the respective roles of ATRF ? as the owner of the pension’s assets, with the fiduciary responsibility to protect and grow these funds ? and AIMCo ? as its agent, with discretion to apply its investment expertise within ATRF’s defined policy limits.

Expectations Are For Rebound

Despite a broad-based softening in economic data, the macro regime framework remains in an expansionary regime, driven by a rebound in global risk appetite which signals market expectations for a rebound in growth later in the year, says Alessio de Longis, senior portfolio manager, head of tactical asset allocation, at Invesco Investment Solutions. Leading economic indicators have decelerated across all regions around the world, he says. In the United States, declining consumer confidence and housing market indicators have been the primary driver of recent weakness. In the eurozone and the UK, peaking production expectations and falling inventories suggest that the rebound in the inventory cycle of the past few months is likely to pause in the near term. In Asia, deceleration in manufacturing surveys, housing indicators, and industrial production have contributed to a noticeable slowdown in growth. However, among potential drivers of the recent improvement in market sentiment, there is early evidence of a peak in Delta variant infections and a well-telegraphed tapering by the Federal Reserve. Importantly, emerging market (EM) equities and currencies should prove resilience against (gradually) rising long-term U.S. bond yields, given the meaningful cheapening in EM assets caused by China’s regulatory crackdown over the past two months.

For details on these stories, visit www.bpmmagazine.com

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