Former head of CPP, who was ousted from BlackRock, named chair of AIMCo
Mark Wiseman said he will be donating his compensation to the United Way
Mark Wiseman has been named chair of the Alberta Investment Management Corp.
The former chief executive of the Canada Pension Plan Investment Board was ousted from BlackRock in December for violating the company's workplace relationship policy.
His appointment will be effective July 1, AIMCo said in a press release on Friday evening.
"Mark's accomplishments in investment management, his strategic thinking and leadership make him an excellent choice to chair this board," said outgoing chair Richard Bird in the release.
Wiseman said in the release that he looks forward to working with his fellow directors, and AIMCo said Wiseman will be donating his compensation as chair to the United Way to assist communities across Alberta.
In 2016, Wiseman left the CPP for BlackRock. He had been touted as a potential successor for the global investment company's CEO.
But in December he left the firm after violating its relationships at work policy, according to an internal memo.
His wife heads BlackRock's Canadian operations but the relationship was reportedly with a different employee.
AIMCo has a portfolio of about $119 billion, which represents hundreds of thousands of Albertans' pensions and accounts like the province's Heritage Savings Trust Fund.
The Crown corporation has been under scrutiny recently after it lost $2.1 billion on a single investment strategy and for investing in oil and gas companies despite that sector's struggles.
BlackRock has said it will put climate and sustainability at the heart of its investment decisions, and price carbon risk into its portfolios.
With files from Reuters