Brookfield Asset Management

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Brookfield Asset Management Inc.
Public
Traded asTSXBAM.A
NYSEBAM
EuronextBAMA
S&P/TSX 60 component
IndustryFinancial services
Founded1899; 120 years ago (1899)
FounderWilliam Mackenzie
Frederick Stark Pearson
HeadquartersBrookfield Place, ,
Area served
Worldwide
Key people
Frank McKenna (Chairman)
Bruce Flatt (CEO)
ServicesAsset management
RevenueUS$56 billion (2018)[1]
US$7.5 billion (2018)[1]
AUMUS$350 billion (2018)[1]
Total equityUS$97 billion (2018)[1]
Number of employees
80,000 operating employees
800 investment professionals[1]
SubsidiariesBrookfield Residential
Brookfield Property Partners[2]
Brookfield Infrastructure Partners
Brookfield Renewable Partners
Brookfield Business Partners
Brookfield Office Properties
Websitewww.brookfield.com/ Edit this on Wikidata

Brookfield Asset Management Inc. is an alternative asset management company. It has around $330 billion of assets under management, focusing on real estate, renewable power, infrastructure and private equity;[3] the company's headquarters are located in Toronto, and it also has corporate offices in New York City, London, Rio de Janeiro and Sydney.[4][5]

History[edit]

The company was founded in 1899, as the São Paulo Tramway, Light and Power Company by William Mackenzie and Frederick Stark Pearson. Operating as in construction and management of electricity and transport infrastructure in Brazil.

In 1904, the Rio de Janeiro Tramway, Light and Power Company was founded by Mackenzie's group.[6]

In 1912, Brazilian Traction, Light and Power Company was incorporated in Toronto as a public company to develop hydro-electric power operations and other utility services in Brazil, becoming a holding company for São Paulo Tramway Co. and Rio de Janeiro Tramway Co.[7]

In 1916, Great Lakes Power Company was incorporated to provide hydro-electric power in Sault Ste. Marie and the Algoma District in Ontario.[8]

In 1966, Brazilian Traction, Light and Power Company changed its name to Brazilian Light and Power Company, and again in 1969, changed its name to Brascan Limited.[7] Brascan is a portmanteau of "Brasil" and "Canada".[9]

In 1979, the company's Brazilian assets were transferred to Brazilian ownership (Eletropaulo and Light S.A.), the company meanwhile having diversified to other areas.[7] The company provided electricity and tram services in São Paulo and Rio de Janeiro, and the Brazilian side after a later restructuring still operates as Light S.A., short for Brazilian Traction, Light and Power Co. Ltd.[10]

In November 2008, in a process supervised by the Alberta courts, PricewaterhouseCoopers (PwC) was appointed receiver of a separate public company, Birch Mountain Resources, after Birch Mountain had defaulted on its debts. Birch Mountain's assets of $50 million dollars were transferred to Tricap Partners Ltd, which operates under the Hammerstone Corporation, a subsidiary of Brookfield Special Situations Group.[11] In September 2010, a group called Birch Mountain Shareholders for Justice filed a lawsuit with the Superior Court of Justice in Ontario, Canada, against Brookfield Asset Management challenging this acquisition and transfer of assets.[12] After five years of litigation the case was dismissed.[13] In May 2015, the plaintiffs filed a notice of appeal[14] which was also dismissed.[15]

By 2018, Brookfield's major public subsidiaries included Brookfield Infrastructure Partners, Brookfield Renewable Partners, Brookfield Property Partners, and Brookfield Business Partners[16]

In August 2018, Brookfield purchased Westinghouse Electric Company, a manufacturer of large nuclear reactors, out of bankruptcy for $4.6 billion.[17] On March 13, 2019, Brookfield Asset Management announced that it had agreed to buy most of Oaktree Capital Management for about $4.7 billion, creating one of the world’s largest alternative money managers.[18]

Finances[edit]

For the fiscal year 2018, Brookfield Asset Management reported earnings of US$3.584 billion, with an annual revenue of US$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 US$40.8 billion in November 2018.[19]

Year Revenue
in mil. USD$
Net income
in mil. USD$
Total Assets
in mil. USD$
Price per Share
in 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
2018[20] 56,771 3,584 256,281

See also[edit]

References[edit]

  1. ^ a b c d e "Brookfield Asset Management Reports 2017 Results" (PDF). Brookfield Asset Management. 31 December 2017. Retrieved 18 June 2018.
  2. ^ "Schedule 13D/A". U.S. Securities and Exchange Commission. Retrieved December 2, 2013.
  3. ^ "Bloomberg Markets". Bloomberg.com. Retrieved 2017-05-01.
  4. ^ "Global Presence". www.brookfieldproperties.com. Retrieved 2017-05-03.[dead link]
  5. ^ Kiesche, SA Editor Liz (2018-09-26). "Brookfield Asset Management sees excess cash ~$60B over 10 years". Seeking Alpha. Retrieved 2018-10-01.
  6. ^ Regehr, Theodore. "Mackenzie, Sir William". Dictionary of Canadian Biography. Retrieved 8 December 2013.
  7. ^ a b c "Brascan Corporation History". International Directory of Company Histories. Retrieved 8 December 2013.
  8. ^ "Industries: Business History of Utilities". Business History. Retrieved 8 December 2013.
  9. ^ Won, Shirley (16 September 2005). "What's in a name? Plenty if it's Brascan". The Globe and Mail.
  10. ^ "Brazilian Traction Light and Power Company Ltd". Bloomberg L.P. Retrieved 4 December 2013.[dead link]
  11. ^ "Birch Mountain names receiver" Archived 11 April 2014 at the Wayback Machine,Calgary Herald, Canada, 7 November 2008 Retrieved 22 July 2012
  12. ^ Gray, Jeff. "Squeezed-out Birch Mountain shareholders take on Brookfield",The Globe and Mail, Canada, 15 November 2011 Retrieved 22 July 2012
  13. ^ McDonald v Brookfield Asset Management Inc Archived 23 September 2015 at the Wayback Machine, 2015 ABQB 281
  14. ^ "In the Court of Appeal of Alberta/Citation: McDonald v Brookfield Asset Management Inc., 2016 ABCA 375" (PDF). 5 December 2016. Retrieved 1 June 2017.
  15. ^ "Case Developments" (PDF). Brookfield Class Action Website. Retrieved 1 June 2015.
  16. ^ Brewer, Reuben Gregg (16 September 2018). "Better Buy: Brookfield Infrastructure Partners L.P. vs. Brookfield Asset Management Inc". The Motley Fool. Retrieved 1 October 2018.
  17. ^ Deveau, Scott (27 March 2019). "Brookfield Shuns 'Eat-What-You-Kill' in Private Equity Build-Out". Bloomberg. Archived from the original on 29 March 2019.
  18. ^ "Brookfield to Acquire 62% of Oaktree Capital Management". NASDAQ.com. Retrieved 2019-03-14.
  19. ^ "Reports & Filings". bam.brookfield.com. Retrieved 2018-11-07.
  20. ^ "Brookfield Asset Management". Fortune. Retrieved 2019-08-02.