The former head of the PRC, which has been ousted from BlackRock, appointed president of AIMCo

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Mark Wiseman was appointed to the presidency of the Alberta Investment Management corporationThe former chief executive officer of the Canada Pension Plan Investment board has been ousted from BlackRock in December for violating the company’s workplace relationship policy.

His appointment will be effective on July 1st, AIMCo, said in a statement Friday evening.

“Mark the achievements of investment management, his strategic thinking and leadership make him an excellent choice for the presidency of this council,” said outgoing president Richard Bird in the press release.

Wiseman has stated in the press release that he is looking forward to working with his colleagues on the board of directors, and AIMCo says Wiseman will donate his compensation as president of the Organization to help communities across Alberta.

In 2016, Wiseman left the CPP to BlackRock. He had been touted as a potential successor for the global investment company CEO.

But, in December, he left the company after a violation of his relations at work, the policy, according to an internal memo.

His wife heads BlackRock’s Canadian operations, but the relationship would have been with another employee.

AIMCo has a portfolio of about $119 billion, which represents hundreds of thousands of Albertans ‘ pensions and the accounts of the province’s Heritage Fund.

The crown corporation has been in the spotlight recently, after it lost $ 2.1 billion on a single investment strategy and invest in oil and gas companies, despite the sector’s struggles.

BlackRock has said it will put climate and sustainable development at the heart of its investment decisions, and the carbon price risk in its portfolios.

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