Welcome to our dedicated page for Brookfield Asset Management Ltd. news (Ticker: BAM), a resource for investors and traders seeking the latest updates and insights on Brookfield Asset Management Ltd. stock.
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $900 billion of assets under management. Specializing in alternative asset management services, the company offers an extensive range of investment products to a diverse group of investors including public and private pension plans, endowments, foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.
Brookfield's portfolio spans several key sectors such as renewable power and transition, infrastructure, private equity, real estate, and credit. The firm invests client capital for the long term with a focus on real assets and essential service businesses that support the global economy.
Recent achievements include a strategic partnership with Zoetis Inc. through a Virtual Power Purchase Agreement, powering a significant portion of the Heart of Texas Wind Farm. Brookfield has also been active in furthering its investment strategies; it has acquired a majority stake in Castlelake, an asset-backed private credit manager, and an additional 5% interest in Oaktree.
Financially, Brookfield is robust, with $107 billion in uncalled fund commitments as of December 31, 2023. The company continues to grow its fee-bearing capital and recently completed the acquisition of AEL through its reinsurance arm, managing an additional $50 billion of capital. Regular dividends are declared, reflecting the company’s commitment to rewarding its shareholders.
Brookfield operates with a philosophy of investing for value across economic cycles, drawing on its heritage as both an owner and operator to generate strong returns for its clients. The company also emphasizes sustainability, as evidenced by its leadership in renewable power and decarbonization solutions.
For more detailed information, visit the Brookfield Asset Management website at bam.brookfield.com.
Scout Clean Energy, a leading national renewable energy developer-owner-operator, has appointed Kris Cheney as Chief Development Officer. Cheney brings over a decade of leadership experience in developing wind, solar, and storage projects. He joins Scout from EDP Renewables North America, where he most recently served as Executive Vice President of West, Central, and Environmental Affairs.
During his 15-year tenure at EDPR NA, Cheney helped scale the company from 200 to over 1,000 employees and oversaw the development of a 25 GW pipeline. His portfolio includes the development of 3,500 MW of projects, totaling $3.5 billion in capital investment. Cheney's appointment aims to strengthen Scout's ability to execute on its 19 GW pipeline of renewable energy assets as the company continues its significant growth trajectory.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) reported strong Q2 2024 results with assets under management reaching approximately $1 trillion. The company raised $68 billion in capital during the quarter, with significant momentum in its Credit business. Fee-related earnings (FRE) grew 11% to $2.5 billion annualized, while distributable earnings (DE) increased 12% to $2.4 billion annualized.
Key highlights include:
- Fee-bearing capital reached $514 billion, up 17% year-over-year
- $61 billion raised in the Credit franchise, including $49 billion from AEL
- Deployed or committed to deploy $20 billion across various investments
- Announced acquisition of a majority stake in Neoen, a global renewable development business
- Declared a quarterly dividend of $0.38 per share
Intrepid Fiber Networks has secured $290 million in debt financing to fund its nationwide wholesale open access fiber broadband service. The company, supported by Brookfield, will use the proceeds for inaugural deployments in Colorado and Minnesota, covering over 250,000 premises. Société Générale acted as the Structuring and Coordinating Advisor for the financing.
CEO Jack Waters emphasized that this funding accelerates their growth and build plan. Intrepid aims to deliver future-proof fiber networks with symmetrical gigabit speeds, providing end users with more options in choosing their preferred Internet Service Provider. The company is also evaluating new market deployments to expand its open access network across the nation.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) has scheduled the release of its second quarter 2024 financial results for August 7, 2024, before 7:00 a.m. ET. The results will be accessible on the company's website. A conference call and webcast to discuss the results will occur at 11:00 a.m. ET the same day. Participants can pre-register for the conference call to receive a dial-in number and unique PIN, or join via webcast. A replay of the event will be available for 90 days.
Brookfield Asset Management and Alterra Management have launched the Catalytic Transition Fund (CTF), targeting up to $5 billion to finance clean energy in emerging markets. The UAE-backed ALTÉRRA has committed $1 billion as the anchor investor. The fund aims to accelerate climate action and support the Paris Agreement goals, particularly in underserved regions. The CTF will invest in South and Central America, Asia, the Middle East, and Eastern Europe, aiming for a first close by the end of 2024. Brookfield, leveraging its strong track record, will manage the fund, with at least 10% capital contribution coming from Brookfield itself.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) announced the successful election of its board of directors during its annual shareholders' meeting on June 7, 2024. The virtual meeting saw all six nominees for both the Class A and Class B Voting Shares elected. Class A shareholders overwhelmingly supported their nominees with votes ranging from 93.18% to 99.85% in favor. Class B shareholders provided unanimous support, with 100% of votes cast for each nominee. Detailed voting results are available on SEDAR+.
Brookfield Asset Management announced strong first-quarter results, with $20 billion raised in capital and $106 billion in dry powder for investments. Notable deals include a $50 billion asset management mandate with AEL and acquiring a majority stake in Castlelake. Fee-related earnings were $552 million, distributable earnings were $547 million. Fee-bearing capital reached $459 billion. $11 billion was deployed in investments, and recent strategic initiatives include acquiring AEL and Castlelake. The board declared a quarterly dividend of $0.38 per share.
Scout Clean Energy, a Colorado-based renewable energy developer, has closed a $100 million equipment supply loan with Rabobank to fund equipment down payments for wind, solar, and storage projects. Managed by Brookfield Asset Management, Scout plans to increase the facility to $200 million and expand its partnerships. The financing aims to reduce capital costs, enhance competitiveness, and support Scout's growth in the renewable energy sector.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is set to acquire a 51% interest in Castlelake's fee-related earnings, investing $1.5 billion in the firm's funds and strategies. The strategic partnership aims to grow Castlelake's asset-based private credit business and enhance its value proposition.
SVB Financial Group announced the sale of SVB Capital to a Pinegrove affiliate backed by Brookfield Asset Management and Sequoia Heritage. The agreement includes cash and other considerations, allowing SVB Capital to operate independently while providing innovative capital solutions to clients. The transaction is subject to approval and is supported by key creditor groups.
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