Former AIMCo Chief Executive Lands Senior Role at BMO
Evan Siddall, who was removed from his position as chief executive officer of the Alberta Investment Management Corp. just over a year ago, has been appointed to a key leadership role at Bank of Montreal. The prominent financial executive will serve as vice-chair of BMO's capital markets division, marking a significant career move following his controversial departure from Alberta's investment manager.
Background and Industry Connections
Siddall brings substantial experience to his new position at Canada's third-largest bank. Before his tenure at AIMCo, he led the Canada Mortgage and Housing Corp. and held senior investment banking positions at global firms Goldman Sachs and Lazard. Industry sources indicate that Siddall's extensive relationships across Bay Street and Wall Street, particularly within the private equity community, made him an attractive candidate for BMO.
During his more than three years leading AIMCo, Siddall significantly expanded his professional network while overseeing the provincial pension and endowment manager's international expansion. Under his leadership, AIMCo established new offices in New York and Singapore, though both international locations were subsequently closed following his dismissal.
Organizational Changes at BMO Capital Markets
Siddall's appointment comes during a period of reorganization within BMO's capital markets division. According to reports from Bloomberg News, the bank recently implemented several leadership changes including naming John Mitrano as sole head of global equities and appointing Darren Campbell as head of global markets. The restructuring also saw the departure of two longtime managing directors earlier this month.
In his new advisory capacity, Siddall will work with BMO's industry coverage teams across various geographic regions. A source familiar with the appointment, who was not authorized to speak publicly, confirmed that Siddall's role will focus on leveraging his extensive industry connections and expertise.
Controversial Exit from AIMCo
Siddall's departure from AIMCo in November 2024 occurred amid significant turmoil at the Alberta investment manager. The provincial government ousted AIMCo's entire board before removing Siddall from his leadership position. The sweeping changes were attributed to concerns about rising operational costs that weren't matched by corresponding improvements in investment returns.
Despite the circumstances of his departure, AIMCo delivered solid performance under Siddall's leadership, achieving a 12.3 percent return for the year ended December 31, 2024. The board and executive purge nevertheless sent shockwaves through Canada's financial community and raised questions about the stability of leadership at major public investment funds.
Bank of Montreal has declined to comment on Siddall's appointment, maintaining its policy of not discussing personnel matters publicly. The move represents a significant addition to BMO's leadership team as the bank continues to strengthen its capital markets division amid competitive pressures in the Canadian banking sector.
