Alberta Investment Management Corporation (AIMCO), which has an estimated 168.3 billion Canadian dollars (£88 billion) invested for pension, endowment and government funds in Alberta, has acquired a 3% stake in Watches of Switzerland Group.
The luxury watch retailer’s share price rose by 4% in morning trading.
The transaction for 7,075,000 shares with voting rights, was valued at around £27 million.
It comes amid a share buyback programme instigated by WoSG on March 10 that will remove stock worth £25 million from the market in an effort to bolster investor confidence.
The group, which now generates almost half its revenue from the United States, has seen its share price under pressure since the April 5 tariff announcement.
At the start of the buyback initiative, its share price stood at around 450p. It dropped to 326p on the day of the first tariffs declaration that slapped a 31% levy on Swiss watch exports to the US and has since recovered to 385p.