 | |
| Company type | Public |
|---|---|
| Industry | Asset management |
| Founded | 12 December 2022; 2 years ago (2022-12-12) |
| Headquarters | 250 Vesey Street, |
| Website | bam |
Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as aspin-off of the asset management operations ofBrookfield Corporation, and manages investments across real estate, infrastructure, renewable energy, private equity, and credit markets globally.
At its inception, the company was headquartered in Toronto, and in December 2024 transferred its headquarters to New York City. Brookfield Asset Management is 73 per cent owned by Brookfield Corporation.[1]
Brookfield Asset Management is run by chief executiveJ. Bruce Flatt, who serves additionally as chief executive of Brookfield Corporation. In late 2024, the company's managed assets reached theUS$1 trillion mark, making it one of the world's largest investment firms.
On May 12, 2022, Brookfield announced that it would spin off its asset management business into a new publicly traded company worthUS$80 billion. Three months earlier, Brookfield had hinted at the idea of separating its operations. In the announcement by chief executiveBruce 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.[2] The decision added a further layer to one of the world's most complex corporations. In a profile of the company in theFinancial 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."[3]
In August 2022, Brookfield announced that the chairman of the spin off would be formerBank of Canada andBank of England governorMark Carney.[4] 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 ofBrookfield 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.[5]
The new Brookfield Asset Management began trading on December 12, 2022.[6]
In March 2023, BAM purchased the remaining 50 per cent of Spanish solar developer X-ELIO, whose equity was valued at $2 billion.[7] Also in the first quarter of 2023, BAM raised its stake in Oaktree Capital Management to 68 per cent.[8] In June 2023, BAM acquired Middle Eastern credit card processorNetwork International for £2.2 billion.[9] 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.[10] In April 2024, BAM entered talks to buy a majority stake in Castlelake, an aircraft leasing company, for $1.5 billion.[11] 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."[12]
In 2024, Brookfield Asset Management entered into an agreement with Microsoft to develop around 10.5 gigawatts of new renewable energy capacity to build new wind and solar farms.[13]
In March 2024, the company announced that Hadley Peer Marshall would succeed Bahir Manios as chief financial officer.[14] By the summer of 2024, the company announced that it was nearing $1 trillion of assets under administration.[15] In the third quarter of 2024, BAM collected $21 billion in capital, which put its assets over the $1 trillion mark.[16]
In September 2024, according to theGlobe and Mail, while Brookfield chair Mark Carney was an economic adviser to then prime ministerJustin Trudeau, Brookfield asked for $50 billion from pension and government funds to invest in Canadian assets.[17][18]
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.[19] 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.[20]
On 23 September 2024, Brookfield Asset Management announced that it had raised $2.4 billion for its Catalytic Transition Fund (CTF), which is supported by the United Arab Emirates to enhance climate finance in emerging markets. Launched at COP28 in Dubai in December 2023, the fund was anchored by a $1 billion commitment from ALTERRA, a UAE-based climate fund with a goal of attracting $250 billion in investments by 2030. Notable investors for CTF includedCaisse de dépôt et placement du Québec,Prudential plc, andTemasek andGIC.[21]
In October 2024, Brookfield Asset Management outbidSegro to acquire European property companyTritax EuroBox for US$1.44 billion, including debt.[22]
On January 16, 2025, Carney stepped down as chairman to run in the2025 Liberal Party of Canada leadership election.[23] Carney was succeeded as chairman by Flatt.[24]
In February 2025, Brookfield Asset Management acquired Kemelex from Envent Elektric for $1.7 billion.[25]
On October 6, 2025, Brookfield announced a deal to acquire gas assets—Firstgas, Rockgas, and Flexgas—from Clarus Group for roughly ~NZ$2 billion.[26]
The Centre for International Corporate Tax Accountability and Research released a report in June 2023, which criticized Brookfield's lack of transparency andtax avoidance. In 2025, it was reported several entities of Brookfield Asset Management were registered to an address inBermuda that also housed a bicycle shop.[27][28][29] Former chair, Mark Carney, defended Brookfield's tax structure during his run for prime minister in the2025 Canadian federal election. TheNew Democratic Party estimated Canadians lost an estimated $5.3 billion in revenue due to Brookfield Asset Management’s tax avoidance between 2021 and 2024 when Mark Carney was at the company.[30]
In February 2021,Mark Carney, Vice chairman and Head of Impact Investing and exGovernor of the Bank of England, had to retract an earlier claim that the $600 billion Brookfield Asset Management portfolio wascarbon neutral. He based his claim on the fact that Brookfield has a largerenewable energy portfolio and “all the avoided emissions that come with that”.[31] The claim was criticized as an accounting trick, as avoided emissions do not counteract the emissions from investments in coal and other fossil fuels responsible for acarbon footprint of about 5,200 metric tons of carbon dioxide.[32] The company is actually aiming to be net-zero by 2050.[33][34]
For the fiscal year 2018, Brookfield Asset Management reported earnings of US$3.584 billion, with an annual revenue of $56.771 billion, an increase of 39.2% over the previous fiscal cycle. Brookfield Asset Management’s shares traded at over $38 per share, and its market capitalization was valued at over $40.8 billion in November 2018.[35]
Brookfield Asset Management’s shares traded at $32.71 per share, and its market capitalization was valued at over $54.23 billion on October 17, 2023[36]
| Year | Revenue (mil. USD$) | Net income (mil. USD$) | Total assets (mil. USD$) | Price per share (USD$) |
|---|---|---|---|---|
| 2005 | 5,256 | 1,662 | 26,058 | 7.61 |
| 2006 | 6,897 | 1,170 | 40,708 | 12.17 |
| 2007 | 9,343 | 787 | 55,597 | 16.74 |
| 2008 | 12,868 | 649 | 53,611 | 13.22 |
| 2009 | 12,082 | 454 | 61,902 | 9.33 |
| 2010 | 13,623 | 3,195 | 78,131 | 13.76 |
| 2011 | 15,921 | 3,674 | 91,030 | 16.72 |
| 2012 | 18,697 | 2,747 | 108,644 | 18.69 |
| 2013 | 20,830 | 3,844 | 112,745 | 22.42 |
| 2014 | 18,364 | 2,956 | 129,480 | 27.22 |
| 2015 | 19,913 | 2,207 | 139,514 | 32.47 |
| 2016 | 24,411 | 1,518 | 159,826 | 32.10 |
| 2017 | 40,786 | 1,317 | 192,720 | 38.17 |
| 2022[37] | 56,771 | 3,584 | 256,281 |