Brookfield Asset Management

Brookfield Asset Management Inc.
Public
Traded as TSX: BAM.A
NYSE: BAM
Euronext: BAMA
S&P/TSX 60 component
Industry Financial services
Founded 1899 (1899)
Founder William Mackenzie
Frederick Stark Pearson
Headquarters Brookfield Place, Toronto, Ontario, Canada
Area served
 Worldwide
Key people
 Frank McKenna (Chairman)
Bruce Flatt (CEO)
Services Asset management
Revenue Increase US$40.7 billion (2017)[1]
US$4.6 billion (2017)[1]
AUM US$285.141 billion (2017)[1]
Total equity US$79.9 billion (2017)[1]
Number of employees
 80,000 operating employees
800 investment professionals[1]
Subsidiaries Brookfield Residential
Brookfield Property Partners
[2]
Brookfield Infrastructure Partners
Brookfield Renewable Partners
Brookfield Business Partners
Brookfield Office Properties
Website www.brookfield.com

Brookfield Asset Management Inc. is a global alternative asset manager with approximately $285 billion of assets under management, focusing on real estate, renewable power, infrastructure and private equity.[3][1] 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

The company was founded in 1899 as a builder and operator of electricity and transport infrastructure in Brazil; the company's earlier name of "Brascan" reflected this history ("Brasil" + "Canada").[6] The company provided electricity and tram services in São Paulo and Rio de Janeiro, and the Brazilian side after the split is still known as "Light", short for Brazilian Traction, Light and Power Co. Ltd.[7] Over the next century, the company expanded and is now an investor in and operator of approximately $285 billion of real assets, with over 750 investment professionals and 80,000 operating employees in over 100 offices in 30 different countries.[8] Its major public subsidiaries include Brookfield Infrastructure Partners, Brookfield Renewable Partners, Brookfield Property Partners, and Brookfield Business Partners[9][10]

1899-1979

In 1899, the São Paulo Tramway, Light and Power Company was founded by William Mackenzie and Frederick Stark Pearson.

In 1904, the Rio de Janeiro Tramway, Light and Power Company was founded by Mackenzie's group.[11]

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.[12]

In 1916, Great Lakes Power Company was incorporated to provide hydro-electric power in Sault Ste. Marie and the Algoma District in Ontario.[13]

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.[12]

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.[12]

Birch Mountain class action

The Birch Mountain class action lawsuit has been repeatedly launched against Brookfield without success. In a process supervised by the Alberta courts, PricewaterhouseCoopers (PwC) was appointed receiver of Birch Mountain Resources in November 2008 after Birch Mountain had defaulted on its debts. Birch Mountain's assets were transferred to Tricap Partners Ltd, now operating under the Hammerstone Corporation, a subsidiary of Brookfield Special Situations Group, for approximately $50 million.[14]

A group called Birch Mountain Shareholders for Justice filed a lawsuit against Brookfield Asset Management on September 22, 2010 with the Superior Court of Justice in Ontario, Canada. The lawsuit challenged the acquisition and transfer of assets from a public company, Birch Mountain Resources, to the Hammerstone Corporation.[15]

The case was dismissed.[16] On May 25, 2015, the plaintiffs filed a notice of appeal in the case, in McDonald v. Brookfield Asset Management Inc. in the Court of Appeal Alberta.[17] The appeal was heard on June 15, 2016[18] over the Hammerstone Project MegaQuarry in Alberta. On Dec. 5, 2016, the Court of Appeal of Alberta again dismissed the case.[19]

Management

J. Bruce Flatt is senior managing partner and chief executive officer. Flatt was appointed to this position in February 2002 after having served as chief executive officer of Brookfield Properties since 2000.[20][21] He was trained as an accountant at Clarkson, Gordon and Company, which is now part of Ernst & Young.[22] As of fiscal year 2014, his basic compensation was $6.65 million.[23]

Flatt is senior managing partner and chief executive officer of the corporation, and on behalf of the corporation is the chairman and a director of Brookfield Properties Retail Group. Flatt previously served as a board member to Fraser Papers and Norbord Incorporated.[23] Flatt holds a business degree from the University of Manitoba.[22]

See also

References

  1. 1 2 3 4 5 6 "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.
  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. ↑ Won, Shirley (September 16, 2005). "What's in a name? Plenty if it's Brascan". The Globe and Mail.
  7. ↑ "Brazilian Traction Light and Power Company Ltd". Bloomberg L.P. Retrieved December 4, 2013.
  8. ↑ "Brookfield Asset Management Inc 2016 Annual Report" (PDF). Retrieved 1 May 2017.
  9. ↑ Brewer, Reuben Gregg (2018-09-16). "Better Buy: Brookfield Infrastructure Partners L.P. vs. Brookfield Asset Management Inc. -- The Motley Fool". The Motley Fool. Retrieved 2018-10-01.
  10. ↑ "Brookfield Asset Management Inc 2016 Annual Report" (PDF). 31 March 2017. Retrieved 1 May 2017.
  11. ↑ Regehr, Theodore. "Mackenzie, Sir William". Dictionary of Canadian Biography. Retrieved December 8, 2013.
  12. 1 2 3 "Brascan Corporation History". International Directory of Company Histories. Retrieved December 8, 2013.
  13. ↑ "INDUSTRIES: Business History of Utilities". Business History. Retrieved December 8, 2013.
  14. ↑ "Birch Mountain names receiver" Archived 2014-04-11 at the Wayback Machine.,Calgary Herald, Canada, 7 November 2008 Retrieved 22 July 2012
  15. ↑ Gray, Jeff. "Squeezed-out Birch Mountain shareholders take on Brookfield",The Globe and Mail, Canada, 15 November 2011 Retrieved 22 July 2012
  16. ↑ McDonald v Brookfield Asset Management Inc Archived 2015-09-23 at the Wayback Machine., 2015 ABQB 281
  17. ↑ "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.
  18. ↑ "Former Toronto Maple Leaf Lanny McDonald leads investors in fight against Brookfield Asset Management Inc. in Alberta Court of Appeal". Aggregates Manager. 2016-06-27. Retrieved 2017-06-01.
  19. ↑ "Case Developments" (PDF). Brookfield Class Action Website. Retrieved 1 June 2015.
  20. ↑ Reguly, Eric (November 26, 2004). "And the winner is...BRUCE FLATT". The Globe and Mail.
  21. ↑ Pachner, Joanna (August 16, 2010). "Brookfield Asset Management: A perfect predator". Canadian Business.
  22. 1 2 Simon, Bernard (September 23, 2001). "Private Sector; A Landlord at Disaster's Margin". The New York Times.
  23. 1 2 "Brookfield Asset Manage-cl A". Bloomberg Business. 9 September 2015. Retrieved 10 September 2015.
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