Alberta Fund Taps Ex-Goldman Banker Scudellari to Run Private Assets

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(Bloomberg) -- Alberta Investment Management Corp., one of Canada’s largest pension managers, is elevating two senior executives and giving them new responsibilities as Chief Investment Officer Marlene Puffer departs.

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David Scudellari, the fund’s head of international investment, will now oversee private assets and strategic partnerships, including real estate, private credit, infrastructure, and private equity. The firm didn’t say why Puffer was stepping down.

The Alberta firm, known as Aimco, handles about C$169 billion ($125 billion) for a number of public-sector accounts in the Canadian province. Scudellari helped the pension fund open its office in New York after joining last year.

“The contribution that the New York office has done was to increase the deal pipeline, so this August, we were busier than we’ve ever been,” he said. “Some of it was the market did pick up, but our deal pipeline has tripled from what it had been two years ago.”

The fund had 37% of its assets in private equity, infrastructure, property and renewable resources as of June 30.

Scudellari spent more than two decades at Goldman Sachs Group Inc., according to his LinkedIn profile, before shorter stints at Barclays Plc and Canada’s Public Sector Pension Investment Board. He’s 65 and acknowledged he’s near the end of his working days.

“My career is over, so I am here to make sure my people succeed,” Scudellari said. He said his objectives include to “help them develop as investors, have a career plan, and make sure we never get ahead of the institution. That might be a little boring, but that’s what I think my role is.”

Aimco also appointed Justin Lord as senior executive managing director for public markets. His mandate includes public equities and fixed income — thinking of the total risk that those asset classes represent, as well as the overall liquidity and operational management of Aimco’s clients, Lord said.

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