BCIMC manages the investments for the Public Service Pension Plan. BC Pension Corporation administers the plan according to the direction provided by the Public Service Pension Board of Trustees. The board implemented changes to the PSPP to modernize the plan and make it more equitable. The changes were not related in any way to performance by employees of BCIMC or the Pension Corporation, and therefore it's unlikely any would be laid off as a result of plan design changes.
BCIMC does this every few years. They take the work in-house and suck at it. Management gets upset and decides to outsource it. After a few years they see all of the money that the other fund managers are making and decide to bring the work in-house.