{"id":55598,"date":"2025-01-30T00:56:35","date_gmt":"2025-01-30T00:56:35","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/01\/30\/premier-danielle-smith-plans-to-shake-up-albertas-the-heritage-fund\/"},"modified":"2025-01-30T00:56:35","modified_gmt":"2025-01-30T00:56:35","slug":"premier-danielle-smith-plans-to-shake-up-albertas-the-heritage-fund","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/01\/30\/premier-danielle-smith-plans-to-shake-up-albertas-the-heritage-fund\/","title":{"rendered":"Premier Danielle Smith plans to shake up Alberta&#8217;s the Heritage Fund"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Finance<\/li>\n<li class=\"breadcrumbs__item\">Investor<\/li>\n<li class=\"breadcrumbs__item\">News<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">The new entity will be seeded with $2 billion to invest in style of sovereign wealth funds<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Barbara Shecter straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/bshecter\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Jan 29, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"0e5c1410-6693-4145-85c6-4e33086d3b9f\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Alberta Premier Danielle Smith, with Finance Minister Nate Horner, speaks at a news conference in Calgary on Wednesday, Jan. 29, 2025.<\/span> <span class=\"credit\">Photo by Jim Wells\/Postmedia<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The Alberta government is seeding a new investment vehicle with $2 billion as part of a plan to boost the province\u2019s resource investment fund tenfold to at least $250 billion by 2050.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The money to be invested and managed by the new Heritage Fund Opportunities Corporation was previously earmarked for the Alberta Heritage Savings Trust Fund, which was started in 1976 to invest a share of the province\u2019s resource revenue for the future and diversify the economy.<\/p>\n<\/section>\n<div 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class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>For now, the rest of the nearly $24 billion in the Heritage Fund will continue to be managed by Alberta Investment Management Corp. (AIMCo), a Crown corporation that also manages the pensions of public servants across the province, under the direction of the new corporation.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cAs the investment model is proven, more funds could potentially be moved from AIMCo,\u201d a government spokesperson said.<\/p>\n<section aria-labelledby=\"moreTopicLabel2353227318494676138818292640907264\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" raises=\"\" concern=\"\" over=\"\" political=\"\" influence=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Alberta Premier Danielle Smith.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=80&sig=IZi1RFNGP3ZMbRxwvG3XgA\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=5&sig=zQIHLp4L_d6R3dswawGxwg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=96&strip=all&quality=80&sig=IZi1RFNGP3ZMbRxwvG3XgA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=192&strip=all&quality=80&sig=HCC4CPLpxxGQF8J8GsZasA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1122smith.jpg?h=288&strip=all&quality=80&sig=gvolobDUZh2zi62Em5An2Q 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">AIMCo \u2018reset\u2019 raises concern over political influence<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" harper=\"\" named=\"\" chair=\"\" of=\"\" aimco=\"\" three=\"\" directors=\"\" reappointed=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Former prime minister Stephen Harper at a conference in Ottawa, 2023.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=80&sig=d12dIXtgSZ1odFlIBXwzHw\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=5&sig=8UTWxi1mb7I68b9ucBMMgQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=96&strip=all&quality=80&sig=d12dIXtgSZ1odFlIBXwzHw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=192&strip=all&quality=80&sig=0qMAwxoTp2qxfSAJqOguMw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/no1120harper.jpg?h=288&strip=all&quality=80&sig=ZNEukql2XhaTLUDLjwf21g 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Stephen Harper named chair of AIMCo, three directors reappointed<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>At a news conference Wednesday, premier Danielle Smith said the new investment vehicle is necessary, in part, to ensure returns generated by the Heritage Fund are reinvested over a long horizon, allowing the fund to grow larger and faster than it has in the past when this wasn\u2019t always the case.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Her plan, laid out alongside finance minister Nate Horner, is that the fund will have a strong focus on maximizing growth \u201cwhile supporting areas that matter to Albertans, such as technology, energy, and infrastructure.\u201d<\/p>\n<p>Horner added that some of the investments will be \u201cbeyond AIMCo\u2019s mandate,\u201d adding that they will be \u201cmore in a sovereign-wealth style,\u201d which could lead to joint investments with other long-term sovereign wealth funds.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot18 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page None background--primary-light-gradient\" aria-labelledby=\"FPInvestor5862254311519520077550596818731008\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_Investor\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg 1600w\" alt=\"FP Investor Banner\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-investor.svg\"\/><\/div>\n<div>\n<p>Investor<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Canada&#8217;s best source for investing news, analysis and insight.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_Investor\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Investor will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_Investor\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8138793565002819083745395138887680\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>However, Smith stressed that the fund will operate at arm\u2019s-length from government.<\/p>\n<p>\u201cIt is critical that the Heritage Fund Opportunities Corporation be free to make the right decisions for long-term growth without interference from government, which is why we\u2019ve set it up as an arm\u2019s-length agency,\u201d she said. \u201cA broad group of directors will bring deep financial experience so that it can focus on improving long-term Heritage Fund investment growth outcomes.\u201d<\/p>\n<p>Smith said the new Heritage Fund Opportunities Corporation will be chaired by Joe Loughheed, a Calgary lawyer and son of the former premier who created the Heritage Fund. The goal, she said, is to ultimately create a wealth fund that can forge global partnerships, and will supplement and potentially ultimately replace unpredictable resource revenue.<\/p>\n<p>A document laying out the plans further suggests that a retail investment product could be developed \u201cto allow Albertans to invest directly in the Heritage Fund, subject to public interest and feasibility.\u201d<\/p>\n<p>Sources say Smith\u2019s idea to boost the returns of the Heritage Fund, which she has been speaking about publicly for months, were discussed with AIMCo before her government took the unusual step in November of ousting the entire board and the investment manager\u2019s chief executive, Evan Siddall.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment1682802416441402374592589411123200\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Reasons cited by the government included that rising costs of AIMCo were not commensurate with returns, though this was disputed in a letter sent to Horner by ousted chair Kenneth Kroner.<\/p>\n<p>According to sources familiar with the proposals, AIMCo\u2019s gameplan included taking in more money and increasing returns through additional investments in private assets such as infrastructure.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Following the November purge, Horner installed former prime minister Stephen Harper as AIMCo\u2019s chair and senior civil servant Ray Gilmour<span> <\/span>was named interim CEO.<\/p>\n<p>A new unpaid position was established on the board for the deputy minister of treasury board and finance as a way \u201cto ensure more consistent communications between AIMCo and Alberta\u2019s government.\u201d<\/p>\n<p>In addition to discussing a Heritage Fund overhaul with AIMCo before the shakeup, Smith\u2019s government was also working with outside consultants, according to news reports.<\/p>\n<p>In May, the Calgary Herald reported that the government had retained a firm called BERG Capital Management, an investment consultant for pensions and sovereign wealth funds that changed its name to PNYX Group, to do a \u201cdeep dive\u201d on the Heritage Fund.<\/p>\n<p>Then, in November, after the UCP government passed an order-in-council approving the incorporation of a provincial corporation for the purpose of managing and investing all or a portion of Crown assets, Smith told the Herald that \u201ca hybrid investment strategy\u201d was possible, with pension funds invested in a very conservative way while Heritage funds would be invested in a manner that would allow them to grow ten-fold by 2050.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Premier Danielle Smith plans to shake up Alberta&#8217;s the Heritage Fund<\/a><br \/>\n<br \/>2025-01-30 00:56:35<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Finance Investor News The new entity will be seeded with $2 billion to invest in style of sovereign wealth funds Get the latest from Barbara Shecter straight&#8230;<\/p>\n","protected":false},"author":2,"featured_media":55599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Danielle-Smith-1.jpg?quality=90&strip=all&w=288&h=216&sig=J3a6bXpgbpamj86bemnhJQ","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-55598","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=55598"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/55599"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=55598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=55598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=55598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}