The Alberta Investment Management Corporation (AIMCo) has shut down its recently established offices in New York City and Singapore.

The decision also coincides with the departure of two senior executives: David Scudellari, AIMCo’s global head of private assets, and Kevin Bong, who led the Singapore office, Bloomberg reported.

The New York office opened in February 2024 after the Singapore location was launched in 2023.

A company spokeswoman confirmed to Bloomberg that Peter Teti has been appointed as interim head of private assets.

“The decision follows a careful evaluation of the operational costs and the overall impact on our investment objectives,” Sabrina Bhangoo told Bloomberg via email. “We remain committed to pursuing investment opportunities in the [Asia-Pacific] region and globally, leveraging our extensive network of partners and existing offices to provide continued value to our clients.”

Edmonton-based AIMCo is a provincially-owned investment manager designed to operate at arms length from the government.

The closures mark a significant reversal for AIMCo, which manages $169 billion in assets.

The restructuring traces back to November 2024, when Alberta Finance Minister Nate Horner dismissed AIMCo’s entire board along with CEO Evan Siddall, who had been a key proponent of the firm’s expansion strategy, particularly in the Asia-Pacific (APAC) region. Horner justified the move by pointing to rising operating expenses.

Last month, AIMCo also cut 19 positions in non-investment areas, including the role overseeing its diversity, equity, and inclusion program, Bloomberg reported.

Scudellari, who took on his role in September 2024, previously handled responsibilities from former Chief Investment Officer Marlene Puffer. Bong joined AIMCo in August 2023 from GIC, where he served as chief investment strategist, helping AIMCo expand its presence in the APAC region. Neither executive has commented on their departure, Bloomberg reported.

The now-defunct New York office was located in One Vanderbilt, a high-end office tower in Midtown Manhattan. Its leasing was reportedly a point of contention among AIMCo staff during Siddall’s tenure.

Following the board’s dismissal, the Alberta government installed former prime minister Stephen Harper as AIMCo’s new chair and appointed Ray Gilmour as interim CEO.

Bhangoo told The Globe and Mail that the company’s investment strategy “has not changed.”

“The executive committee made the decision that they’re able to pursue any global investment opportunities from our London office,” Bhangoo told the Globe. “They’re still very, very committed to continuing to invest in the APAC region and globally, and they will leverage our extensive network of partners and the other existing offices that we have.”

The Alberta government was not involved in the company’s decision, she told the Globe.

“It was solely made by AIMCo’s executive committee.”

Scudalleri said in a recent LinkedIn post that the New York office had made significant achievements in one year of operation following an official opening that included a who’s who in New York financial circles.

“After a great firmwide effort, we have become a top-of-mind partner by working closely with each of the asset classes and expanding existing relationships through our local presence and active engagement with a top-of-house/holistic approach,” he wrote.

As a result, the office sourced approximately $2 billion of co-investment opportunities for five asset classes and AIMCo held more than 200 meetings in the space.”

“I could not be prouder of the work that we all have done with the goal of delivering superior net returns for our clients, he wrote while thanking staff.

AIMCo will continue to operate offices in Edmonton, Calgary, Toronto, London and Luxembourg.