Brookfield Asset Management

Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation. At its inception, the company was headquartered in Toronto, and in December 2024 transferred its offices to New York City. Brookfield Asset Management is 13.8 per cent owned by Brookfield Corporation.

Brookfield Asset Management is run by chief executive J. Bruce Flatt, who serves additionally as chief executive of Brookfield Corporation. In late 2024, the company's managed assets reached the trillion mark, making it one of the world's largest investment firms.

History

On Thursday, 12 May 2022, Brookfield announced that it would spin off its asset management business into a new publicly traded company worth billion. Three months earlier, Brookfield had hinted at the idea of separating its operations. In the announcement by chief executive Bruce Flatt, which was made in his quarterly letter to shareholders, he stated that "the bottom line is that today's Brookfield consists of two businesses that are very different in nature but work together very well. Looking forward, we believe that each of these businesses has incredible potential to expand further. To achieve this growth, however, we have concluded that they should now be separated, while preserving the benefits of their complementary nature and alignment." The existing company, then called Brookfield Asset Management, would be renamed Brookfield Corporation, while the spin-off would use the Brookfield Asset Management name. At the time of the spin off, Brookfield Corporation would own 75 per cent of the share of the new company, and 25 per cent would be released to the public. The decision added a further layer to one of the world's most complex corporations. In a profile of the company in the ''Financial Times'', Mark Vandevelde described Brookfield as "not so much a company as a giant, triangular jigsaw board that spreads across the world and covers assets worth $500bn." In August 2022, Brookfield announced that the chairman of the spin off would be former Bank of Canada and Bank of England governor Mark Carney. Bruce Flatt, chief executive of Brookfield, would be chief executive of the new company, while Connor Teskey would serve as president. Teskey had joined Brookfield in 2012, and in the fall of 2020 was made chief executive of Brookfield Renewable Partners. When Flatt recruited Carney to join Brookfield in 2020 as vice-chairman and head of transition investing, Flatt sold the banker partly on the opportunity to work with Teskey.

The new Brookfield Asset Management began trading on Monday, 12 December 2022. In March 2023, BAM purchased the remaining 50 per cent of Spanish solar developer X-ELIO, whose equity was valued at $2 billion. Also in the first quarter of 2023, BAM raised its stake in Oaktree Capital Management to 68 per cent. Then, in June 2023, BAM acquired Middle Eastern credit card processor Network International for £2.2 billion. That same month, the company acquired American Equity Investment Life for $4.3 billion. In the summer of 2023, BAM partnered with Sequoia Heritage to form Pinegrove Capital to invest in venture capital-backed companies. Each partner would contribute $250 million, and the company hoped to raise $2 billion. In April 2024, BAM entered talks to buy a majority stake in Castlelake, an aircraft leasing company, for $1.5 billion. In 2023, BAM had raised $61 billion of investment capital by September, with and added $26 billion in the third quarter alone. The company suggested it would attempt to raise $150 billion in the 2023 calendar year. Flatt stated that "most of the way to that $150 billion is very visible through insurance and flagship strategies."

In March 2024, the company announced that Hadley Peer Marshall would succeed Bahir Manios as chief financial officer. By the summer of 2024, the company announced that it was nearing $1 trillion of assets under administration. In the third quarter of 2024, BAM collected $21 billion in capital, which put its assets over the $1 trillion mark.

In September 2024, BAM suggested it might move its headquarters to the United States in an effort to be included in more American stock market indexes. Two months later, the company announced the move from Toronto to New York City. The move was part of a wider restructuring, whereby BAM would acquire 100 per cent of the Brookfield group's asset management operations by acquiring the 73 per cent stake in the company held by Brookfield Corporation. On 16 January 2025, Carney stepped down as chairman to run in the 2025 Liberal Party of Canada leadership election. Carney was succeeded as chairman by Flatt.James Bradshaw, "Mark Carney cuts business ties to Brookfield and other boards as he launches bid for Liberal leadership," ''Globe and Mail'', (16 January 2025).

Leadership

Chief Executive Officer

# James Bruce Flatt, 12 December 2022 – present

President

# Connor David Teskey, 12 December 2022 – present

Chairman of the Board

# Mark Joseph Carney, 12 December 2022 – 16 January 2025
# James Bruce Flatt, 16 January 2025 – present

References

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2022 establishments
Brookfield Corporation
Companies based in New York City
Asset management companies