Alberta Investment Management

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Alberta Investment Management (AIM) is a crown corporation that is a sovereign wealth fund in Alberta responsible for investing the Alberta government's pensions, endowments, and other funds, in particular the Alberta Heritage Savings Trust Fund.

AIM was created in March 2007 to coordinate investment of several different funds, AIM controls C$73.7 billion in assets under management as of June 30, 2007, and is one of the largest institutional investors in Canada.

[edit] Heritage fund

The Alberta Heritage Savings Trust Fund was created in 1976 by the Alberta Heritage Savings Trust Fund Act. Initially, the fund received 30% of Alberta's non-renewable resource royalties.

During the early 1980s, the fund made loans to other provincial governments in Canada. Later the fund's money was used for capital infrasture projects. After 1987 resource royalty revenue was no longer added to the fund.

After the mid-1990s, public opinion turned against allowing governments to dip into the Heritage fund to fund projects, and instead a limited income began to be drawn out of the fund and into general revenues.

As of 2007, the fund is invested in stocks, bonds, real estate and other ventures, with the aim of generating revenue for the province.