(Bloomberg) -- Alberta Investment Management Corp. named Mark Wiseman, a BlackRock Inc. executive who was ousted for violating the company's relationships policy, as its new chairman.
Wiseman's appointment is effective July 1, Edmonton-based AIMCo said Friday. He replaces Richard Bird, who will have served two three-year terms.
BlackRock, the world's largest asset manager, fired Wiseman in December over a consensual affair that violated the company's policies. He had served as global head of active equities and chair of the New York-based firm's alternative investors business, making him considered a potential successor to Chief Executive Officer Larry Fink. Wiseman served as CEO of Canada Pension Plan Investment Board from July 2012 to May 2016, according to his LinkedIn page.
AIMCo -- which manages more than C$110 billion ($80 billion) in assets on behalf of 30 Alberta-based pension, endowment, government and specialty clients -- has been under fire over losses linked to a bet against market volatility that went bad after the Covid-19 struck. The firm is conducting a review of the strategy using internal auditors and third-party experts.
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