Changes for page Brookfield Asset Management
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... ... @@ -219,6 +219,7 @@ 219 219 Oaktree is a global alternative asset manager with a diversified mix of opportunistic, value-oriented and risk-controlled investments across credit and other investment offerings.{{footnote}}https://www.brookfield.com/our-businesses/oaktree{{/footnote}} 220 220 221 221 222 + 222 222 Oaktree’s experienced team of investment professionals, global platform and unifying investment philosophy—based on its six tenets of risk control, consistency, market inefficiency, specialization, bottom-up analysis and disavowal of market timing—have made it an acknowledged leader in credit investing. 223 223 224 224 ... ... @@ -228,70 +228,72 @@ 228 228 Together, Brookfield and Oaktree have $600 billion of assets under management and provide investors with one of the most comprehensive offerings of alternative investment products available today. 229 229 230 230 231 - ==Insurance Solutions==232 +Insurance Solutions 232 232 233 -At Brookfield, the company provide capital efficient investment vehicles to its longstanding institutional insurance investors and the company deploy its own capital into the insurance sector through direct equity investments, reinsurance arrangements and hybrid solutions. {{footnote}}https://www.brookfield.com/our-businesses/insurance-solutions{{/footnote}}234 +At Brookfield, the company provide capital efficient investment vehicles to its longstanding institutional insurance investors and the company deploy its own capital into the insurance sector through direct equity investments, reinsurance arrangements and hybrid solutions. 234 234 236 +[[https:~~/~~/www.brookfield.com/our-businesses/insurance-solutions>>url:https://www.brookfield.com/our-businesses/insurance-solutions]] 235 235 236 236 The company's Insurance Solutions team is led by a group of experienced investment and insurance professionals. Leveraging its investment management capabilities across Brookfield and Oaktree, the company seek to match long-duration liabilities with portfolios of high-quality investments to generate attractive, risk-adjusted returns for it and its partners. 237 237 238 238 239 - =Business Overview=241 +Business Overview 240 240 241 -The company's Asset Management activities encompass $312 billion of fee-bearing capital across a broad portfolio of real estate, infrastructure, renewable power, private equity and credit, and Brookfield Asset Management has approximately $33 billion of additional committed capital that will be fee-bearing when invested. This capital is managed within long-term private funds, perpetual strategies and public securities1 . Together with its investment in Oaktree, Brookfield Asset Management has approximately 2,000 unique institutional investors across its private funds business. {{footnote}}https://www.brookfield.com/sites/default/files/2021-05/BAM-2020AnnualReport.pdf{{/footnote}}243 +The company's Asset Management activities encompass $312 billion of fee-bearing capital across a broad portfolio of real estate, infrastructure, renewable power, private equity and credit, and Brookfield Asset Management has approximately $33 billion of additional committed capital that will be fee-bearing when invested. This capital is managed within long-term private funds, perpetual strategies and public securities1 . Together with its investment in Oaktree, Brookfield Asset Management has approximately 2,000 unique institutional investors across its private funds business. 242 242 245 +[[https:~~/~~/www.brookfield.com/sites/default/files/2021-05/BAM-2020AnnualReport.pdf>>url:https://www.brookfield.com/sites/default/files/2021-05/BAM-2020AnnualReport.pdf]] 243 243 244 -[[image:BAM4.png]] 245 245 248 +<img segmental> 246 246 247 - **Long-term Private Funds – $84 billion fee-bearing capital**250 +Long-term Private Funds – $84 billion fee-bearing capital 248 248 249 249 The company manage and earn fees on a diverse range of real estate, renewable power, infrastructure, private equity and credit funds. These funds are long duration in nature and include closed-end value-add, credit and opportunistic strategies. 250 250 254 +Perpetual Strategies – $94 billion fee-bearing capital 251 251 252 -**Perpetual Strategies – $94 billion fee-bearing capital** 253 - 254 254 The company manage perpetual capital in its publicly listed affiliates1 , as well as core and core plus private funds, which can continually raise new capital. 255 255 258 +Credit Strategies – $121 billion fee-bearing capital 256 256 257 -**Credit Strategies – $121 billion fee-bearing capital** 258 - 259 259 The company hold an approximate 62% interest in Oaktree, which provides a diverse range of long-term private fund and perpetual strategies to its investor base. Similar to its long-term private funds, the company earn base management fees and carried interest on Oaktree’s fund capital. 260 260 262 +Public Securities – $13 billion fee-bearing capital 261 261 262 -**Public Securities – $13 billion fee-bearing capital** 263 - 264 264 The company manage publicly listed funds and separately managed accounts, focused on fixed income and equity securities across real estate, infrastructure and natural resources. The company earn base management fees, which are based on committed capital and fund NAV, and performance income based on investment returns. 265 265 266 +Invested Capital 266 266 267 -**Invested Capital** 268 - 269 269 Brookfield Asset Management has approximately $58 billion of invested capital on its balance sheet as a result of its history as an owner and operator of real assets. This capital provides attractive financial returns and important stability and flexibility to its asset management business. 270 270 271 271 272 - ==Global Reach==271 +Global Reach 273 273 274 274 The company operate in more than 30 countries on five continents around the world. 275 275 276 276 The company's global reach allows it to diversify and identify a broad range of opportunities. Brookfield Asset Management is able to invest where capital is scarce, and its scale enables it to move quickly and pursue multiple opportunities across different markets. The company's global reach also allows it to operate its assets more effectively: the company believe that a strong on-the-ground presence is critical to operating successfully in many of its markets, and many of its businesses are truly local. Furthermore, the combination of its strong local presence and global reach allows it to bring global relationships and operating practices to bear across markets to enhance returns. 277 277 277 +<img map? 278 278 279 -[[image:BAM5.png]] 280 280 280 +Financial Highlights 281 281 282 -= Financial Highlights = 283 283 284 - 285 285 Net income was $707 million in the year 2020, with a $134 million loss attributable to common shareholders ($0.12 per share) and the remaining income attributable to non-controlling interests. 286 286 287 287 The $4.6 billion decrease in consolidated net income and the $2.9 billion decrease in net income attributable to common shareholders were primarily attributable to: 288 288 289 -* valuation losses of $1.7 billion in its real estate business both on consolidated and equity accounted investment properties mostly within its retail properties; 290 -* an income tax expense of $837 million compared to $495 million in the prior year. The prior period benefited from the recognition of previously unrecognized tax losses; and 291 -* higher depreciation expense primarily as a result of recent acquisitions; partially offset by 292 -* contributions from acquisitions over the last twelve months. 287 +. 293 293 289 +valuation losses of $1.7 billion in its real estate business both on consolidated and equity accounted investment properties mostly within its retail properties; 294 294 291 +an income tax expense of $837 million compared to $495 million in the prior year. The prior period benefited from the recognition of previously unrecognized tax losses; and 292 + 293 +higher depreciation expense primarily as a result of recent acquisitions; partially offset by 294 + 295 +contributions from acquisitions over the last twelve months. 296 + 297 + 295 295 Revenues for the year were $62.8 billion, a decrease of $5.1 billion compared to 2019, primarily due to the impact of the global economic shutdown. 296 296 297 297 Direct costs decreased by 10% or $5.3 billion compared to a 7% decrease in revenues. The decrease is primarily due to the aforementioned lower volumes at Greenergy and cost saving initiatives across a number of its businesses. These decreases were offset by higher direct costs related to recent acquisitions, net of dispositions, as well as incremental costs associated with organic growth initiatives at its operations. ... ... @@ -303,14 +303,16 @@ 303 303 Income tax expense increased by $342 million primarily attributable to the absence of the prior year deferred income tax recovery of $475 million which relates to the recognition of deferred tax assets due to the projected utilization of net operating loss carryforwards. 304 304 305 305 306 -== Q2 2021 Result == 307 307 308 - August 12,2021;Brookfield Asset Management Inc announced financialresults for the quarter ended June 30, 2021.{{footnote}}https://bam.brookfield.com/sites/brookfield-ir/files/brookfield/bam/home/q2-2021-press-release.pdf{{/footnote}}310 +Q2 2021 Result 309 309 310 310 311 - NickGoodman,CFOofBrookfield,stated, “The company'sbusiness performed very well duringthequarter, recording $1.2 billion of distributable earnings. Growth in its assetmanagementfranchise,steady returnsonits principal investments andcontinued momentum on itscapital recycling initiativesall contributed to the strong quarter. Subsequent to quarter end, the company heldthe firstclose of$9 billion forits fourthflagship realestate fund, and its $7 billion founders’ close for its Global Transition Fund, taking total fundraising since lastquarterto $24 billion. Thecompanyexpectthe size of these two funds toexceed$30billion before they close for capital.”313 +August 12, 2021; Brookfield Asset Management Inc announced financial results for the quarter ended June 30, 2021. 312 312 315 +[[https:~~/~~/bam.brookfield.com/sites/brookfield-ir/files/brookfield/bam/home/q2-2021-press-release.pdf>>url:https://bam.brookfield.com/sites/brookfield-ir/files/brookfield/bam/home/q2-2021-press-release.pdf]] 313 313 317 +Nick Goodman, CFO of Brookfield, stated, “The company's business performed very well during the quarter, recording $1.2 billion of distributable earnings. Growth in its asset management franchise, steady returns on its principal investments and continued momentum on its capital recycling initiatives all contributed to the strong quarter. Subsequent to quarter end, the company held the first close of $9 billion for its fourth flagship real estate fund, and its $7 billion founders’ close for its Global Transition Fund, taking total fundraising since last quarter to $24 billion. The company expect the size of these two funds to exceed $30 billion before they close for capital.” 318 + 314 314 Funds from operations (FFO) and net income in the quarter were strong at $1.6 billion and $2.4 billion, respectively, both very large increases over last year. 315 315 316 316 The company's distributable earnings continue to show strong growth, recording $1.2 billion for the quarter, and $6.3 billion over the last twelve months, a 108% increase over the comparative period. The strong performance in the quarter is supported by a 49% increase in fee-related earnings, continued carried interest realizations, increased distributions from its principal investments, and disposition gains recognized on its principal investments. ... ... @@ -326,15 +326,17 @@ 326 326 As at June 30, 2021, the company had $78 billion of capital available to deploy into new investments. 327 327 328 328 329 - =Recent developments=334 +Recent developments 330 330 331 -**Brookfield Asset Management and Elion Partners Announce $1 Billion Strategic Partnership **{{footnote}}https://www.businesswire.com/news/home/20210923005245/en/{{/footnote}} 332 332 337 +Brookfield Asset Management and Elion Partners Announce $1 Billion Strategic Partnership 338 + 339 +[[https:~~/~~/www.businesswire.com/news/home/20210923005245/en/>>url:https://www.businesswire.com/news/home/20210923005245/en/]] 340 + 333 333 September 23, 2021; Brookfield Asset Management (“Brookfield”) and Elion Partners (“Elion”), a vertically integrated industrial specialist and sponsor of institutional real estate vehicles, today announced a $1 billion strategic partnership expanding Brookfield’s Real Estate Secondaries’ logistics portfolio across core infill markets. 334 334 335 335 Brookfield recapitalized Elion Logistics Park 55 (“ELP 55”), a Chicago master-planned industrial park with the potential to develop approximately $1 billion of industrial real estate. The project includes five existing Class A industrial assets totaling four million square feet that are 100% leased, as well as the potential to develop up to 15 million square feet of additional industrial properties going forward. The master-planned logistics park is located adjacent to the BNSF railway, offers numerous tenant amenities including essential travel and repair services, and benefits from tax increment financing. Park Madison Partners acted as the exclusive capital advisor for recapitalization. 336 336 337 - 338 338 “Industrial logistics real estate continues to experience positive momentum, and now is the logical time to seek long-term capital,” said Juan DeAngulo, Managing Partner at Elion. “This partnership structure and Brookfield’s support will enable Elion to fulfill the long-term development plans for ELP 55.” 339 339 340 340 “Brookfield Asset Management is excited about the partnership with Elion and the opportunity to gain exposure to high-quality industrial assets in supply-constrained markets with significant potential upside,” said Chris Reilly, Managing Partner at Brookfield. ... ... @@ -343,7 +343,9 @@ 343 343 344 344 Brookfield, one of the world's largest investors in real estate with over $200 billion in AUM, launched its Real Estate Secondaries business a year ago. The strategy is focused on GP investors who are looking for flexibility and liquidity in managing their private market investments. 345 345 353 +About Elion Partners 346 346 347 -= References = 348 348 356 +References 357 + 349 349 {{putFootnotes/}}
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