Company Description
The Heritage Savings Trust Fund, or Heritage Fund, was established in 1976 to collect a portion of Alberta’s nonrenewable resource revenue. From an initial investment of $1.5 billion, the Heritage Fund’s value has grown to $31.9 billion as of December 31, 2025.
The Alberta Heritage Savings Trust Fund Act creates and establishes the mandate and governance structure for the Heritage Fund. The act states that the mission of the Heritage Fund is to provide prudent stewardship of the savings from Alberta’s non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans.
In 2022-23, the act was amended to require that income generated by the fund stays in it unless a withdrawal is authorized by Treasury Board. This change was, and remains, instrumental to the continued growth of the Heritage Fund.
Heritage Fund Opportunities Corporation
Operating under authority delegated by the Minister of Finance, the Heritage Fund Opportunities Corporation provides prudent stewardship of the Heritage Fund and other provincial endowments. The corporation is led by a professional and highly qualified board of directors responsible for setting strategic direction, and the board operates independently at arm’s-length from government.
Heritage Fund Opportunities Corporation is modernizing the investment policies of the Heritage Fund to secure an actively managed, global asset mix optimized for long-term growth. The corporation is strengthening Heritage Fund oversight, while maintaining a strong commitment to operational accountability, transparency and cost discipline.
To learn more, please visit www.alberta.ca/heritage-savings-trust-fund. (HFOC website is in development)
Scope and Responsibilities
Heritage Fund Opportunities Corporation (HFOC) is seeking an accomplished and visionary Vice President, Investments to join its executive leadership team. This is a unique opportunity to help build and shape a newly established investment organization from the ground up.
As the senior-most investment executive and a key strategic partner to the CEO, the VP Investments carries total-fund accountability for HFOC's investment strategy, portfolio management framework, governance practices, risk management processes, and investment operations, exercising investment authority delegated by the CEO and the Board. The successful candidate will be responsible for establishing many of the foundational processes, policies, and
procedures necessary to support a growing and evolving organization while delivering strong long-term investment performance.
This role is ideally suited to a highly entrepreneurial investment executive who is energized by building institutional capabilities and who brings a demonstrated track record of leading multi-billion-dollar portfolios, investment teams, and board-level governance processes.
Specific Responsibilities
This is a critical role in HFOC’s continued success and growth. The role is accountable for the following:
Investment Strategy & Portfolio Leadership
- Develop a multi-year investment plan for both the fund and the investment division, and engage the Board in setting long-term return and risk objectives.
- Identify and evaluate investment opportunities that align with organizational objectives and established frameworks for working with key stakeholders.
- Lead the process for monitoring, and where applicable, selection of external managers with delegated authority.
- Own the total-fund view, including portfolio construction frameworks, risk budgeting, liquidity management, overlay strategies, currency exposure, rebalancing discipline and portfolio performance measurement processes.
- Lead the fund's approach to co-investments and direct investments as the portfolio matures.
- Present investment recommendations, market insights, and portfolio performance to the CEO, Board and government bodies.
Organizational Development & Infrastructure
- Own the investment division's operating budget, resourcing plan, and cost-per-dollar-managed discipline, building from an early-stage foundation.
- Implement, and where applicable, further develop investment policies, procedures, governance structures, performance management, and investment analytics capabilities.
- Build scalable systems and infrastructure to support future organizational growth.
Risk Management & Governance
- Maintain strong governance practices consistent with institutional investment standards.
- Ensure compliance with applicable legislation, regulatory requirements, and Board policies.
- Ensure appropriate controls are in place to manage market, liquidity, operational, and reputational risks.
- Recommend the fund's risk appetite statement and total-fund risk limits to the Board, and report performance against them.
- Lead scenario analysis, and liquidity modelling across market cycles.
- Lead investment reviews and provide ongoing risk assessment to executive leadership and the Board.
Leadership & Stakeholder Management
- Foster a culture of accountability, collaboration, integrity, and investment excellence.
- Serve as a trusted strategic advisor to the CEO.
- Partner with executive leadership and key stakeholders in developing organizational strategy.
- Build, mentor, and lead a high-performing investment team as the organization grows.
- Develop strong relationships with external investment managers, consultants, advisors, and key stakeholders.
- Represent HFOC within the investment community and with government, industry, and institutional partners as appropriate.
Board & Stakeholder Engagement
- Provide strategic investment advice to the CEO and Board of Directors.
- Prepare and present investment reports, recommendations, and performance updates.
- Support Board committees and governance activities related to investments and risk oversight.
- Ensure transparency, accountability, and informed decision-making across all investment matters.
- Work closely with Alberta Treasury Board and Finance and represent HFOC's investment program before Government of Alberta and, as required, legislative committees.
Desired Candidate Abilities, Background and Experience
Given the role this individual will play in HFOC’s continued growth and success, it is essential that the successful candidate possess the following education, experience, and personal characteristics:
Education
- Bachelor's degree in Finance, Economics, Business, Commerce, or a related field.
- Chartered Financial Analyst (CFA) designation preferred.
Experience
- Minimum 20 years of progressive investment management experience in pension funds, sovereign wealth funds, endowments, public investment entities or large institutional asset managers.
- Proven track record in managing large-scale portfolios and delivering long-term returns.
- Demonstrated stakeholder management experience, building relationships across various stakeholder groups to foster collaboration, partnerships, and consensus.
- Strong analytical skills and understanding of capital markets, risk management, and actuarial principles.
- Exposure to investment reviews and memo generation through to approvals.
- Strong understanding of portfolio construction, risk management, asset allocation, and investment governance.
- Demonstrated success developing and executing investment strategies across multiple asset classes.
- Track record of driving organizational transformation, operational efficiency, and cost optimization.
- Extensive investment compliance experience, ensuring compliance with regulatory requirements, fiduciary obligations, and investment policies.
Personal / Professional Attributes
- Proven leadership experience building teams, functions, and organizational capabilities.
- Ability to set long-term direction and translate strategy into actionable plans.
- Excellent interpersonal and communication skills, with the ability to build strong cross-functional and customer relationships.
- Critical thinker with strong organizational and problem-solving skills with a proactive approach.
- Demonstrates ethical leadership and commitment to fiduciary responsibilities.
- Ability to drive change, foster innovation, and lead in a dynamic, fast-paced environment.
- Demonstrates unwavering integrity, ethical judgment, and accountability in all professional interactions and decision-making.
Attractions
This role provides an opportunity to join a company that is poised for continued growth. Other attractions include the opportunity to:
- Help define and implement the strategic direction of a brand-new Crown corporation tasked with modernizing Alberta’s Heritage Savings Trust Fund, originally created in 1976.
- Make impactful decisions that will influence Alberta’s financial resilience for decades, leading to creating a $250 billion fund by 2050.
How To Apply
HFOC has engaged the Executive Search Firm, DHR Global, to manage this search. For more information or to apply, please send in your application to [email protected]. Applications should include a letter addressing how the candidate’s experience matches the position requirements along with a current CV.
