AIMCo Names Former Pyramis Executive as New CEO

Kevin Uebelein is set to replace outgoing CEO Leo de Bever in the sovereign wealth and pension fund’s top job.

The Alberta Investment Management Corporation (AIMCo) has hired former Pyramis Global Advisors’ chief Kevin Uebelein as CEO, CIO has learned. 

Uebelein replaces Leo de Bever as head of the $70 billion Canadian fund, which manages sovereign wealth, pension, and general government assets. The organization announced last April that it had begun recruiting for de Bever’s seat.  

The new hire will join the Edmonton, Alberta-based Crown corporation after five years as CEO and president of Pyramis, the institutional asset management arm of Fidelity Investments. Prior to his role at Pyramis, Uebelein served as CIO of Prudential’s international division and, before that, managing director of the insurer’s private asset management group. 

His hiring fills a vacuum of sorts at AIMCo, which a few months prior to de Bever’s resignation also lost its deputy CIO. 

Jagdeep Bachher departed the fund for the University of California in January, where he took over the $81 billion portfolio as CIO. 

Like Bachher and de Bever, Uebelein brings international experience to AIMCo. He began his career as an oil industry auditor in Houston, Texas, before joining Prudential in 1986. 

An AIMCo spokesperson declined to comment on the appointment when reached by CIO

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