Brookfield Appoints Bruce Flatt as Chair of Brookfield Asset Management

Rhea-AI Summary

Brookfield Asset Management (BAM), a leading global alternative asset manager with over $1 trillion in assets under management, has announced that Bruce Flatt will serve as Chair of the Board of Directors while maintaining his role as CEO. This appointment follows Mark Carney's resignation from the company to pursue his candidacy for the leadership of the Liberal Party of Canada.

Carney served as Chair of BAM for the past two years and played a key role in establishing Brookfield as a leader in energy transition investments. Under his tenure, the company raised over $30 billion in dedicated transition capital in less than four years and was recognized as the world's largest impact investor for two consecutive years. The company's transition investing activities will continue under Connor Teskey's leadership.

Positive

• Dual leadership role consolidation with Bruce Flatt as both CEO and Chair
• $30 billion in transition capital raised in less than 4 years
• Recognition as world's largest impact investor for two consecutive years
• Assets under management exceed $1 trillion

Negative

• Loss of Mark Carney's strategic leadership and industry expertise
• Potential governance concerns with CEO/Chair role combination

Appointment comes as Mark Carney departs to enter Canadian Liberal Party leadership race

NEW YORK, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Brookfield Asset Management (“Brookfield”), a leading global alternative asset manager headquartered in New York with over $1 trillion of assets under management, announced today the appointment of Bruce Flatt as Chair of the Board of Directors, in addition to his role as Chief Executive Officer. He replaces Mark Carney, who today announced his candidacy for the leadership of the Liberal Party of Canada. Concurrent with the launch of Mr. Carney’s campaign, Brookfield has accepted his resignation from the company.

In discussing Mark Carney’s decision, Mr. Flatt said, “Mark has been a tremendous partner to the firm since he joined nearly five years ago, both in his role as Chair of Brookfield Asset Management for the past two years, and notably in establishing Brookfield as the leading private capital investor in the energy transition. We are sorry to see him leave, but he does so to fulfill his deep sense of public service to Canada and we wish him all the best in his new pursuit.”

He continued, “Under Connor Teskey’s leadership, our deep bench of experienced investment and operating professionals will continue to steer Brookfield’s world-leading transition investing activities. We are proud to have been named the world’s largest impact investor for two years running, thanks to more than $30 billion of dedicated transition capital raised in less than four years.”

About Brookfield Asset Management

BAM is a leading global alternative asset manager with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. BAM invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. BAM offers a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. BAM draws on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.

For more information, please visit BAM’s website at www.bam.brookfield.com or contact:

Media: Kerrie McHugh Tel: (212) 618-3469 Email: kerrie.mchugh@brookfield.com

Investor Relations: Jason Fooks Tel: (212) 417-2442 Email: jason.fooks@brookfield.com

FAQ

Why did Mark Carney leave his position as Chair of Brookfield Asset Management (BAM)?

Mark Carney resigned from his position as Chair of Brookfield Asset Management to pursue his candidacy for the leadership of the Liberal Party of Canada.

How much transition capital did BAM raise under Mark Carney's leadership?

Under Mark Carney's leadership, Brookfield raised over $30 billion in dedicated transition capital in less than four years.

Who is the new Chair of Brookfield Asset Management (BAM)?

Bruce Flatt has been appointed as Chair of BAM while maintaining his position as Chief Executive Officer.

What is Brookfield Asset Management's (BAM) current assets under management?

Brookfield Asset Management has over $1 trillion of assets under management.

Who will lead BAM's transition investing activities after Mark Carney's departure?

Connor Teskey will continue to lead Brookfield's transition investing activities.