Alberta’s finance minister has sacked the chief executive officer and entire board of directors of Alberta Investment Management Corp., the Crown corporation that manages pension and other funds for the province and handles more than $160 billion in assets.

The province says the move comes 'after years of AIMCo consistently failing to meet its mandated benchmark returns.' For now, Finance Minister Nate Horner has been appointed the sole director and chair for AIMCo.

Alberta Investment Management Corp.’s entire board was sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.