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Brookfield Corporation

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Brookfield Asset Management, Inc.
Company typePublic
TSX: BAM.A
NYSE: BAM
Euronext: BAMA
S&P/TSX 60 component
IndustryAsset Management
Founded1899
FounderWilliam Mackenzie,
Frederick Stark Pearson
Headquarters
Brookfield Place
Toronto, Ontario
,
Canada
Area served
Global
Key people
Frank J. McKenna[1]
(Chairman of the Board)
Bruce Flatt[2] (CEO)
ServicesFinancial services
RevenueIncrease $19.9 bn (2015)[3]
$2,160 mn (2015)
$4.7 bn (2015)[3]
AUM$226.8 bn (2015)[3]
Total equity$57.2 bn (2015)[3]
Number of employees
28,000[4]
SubsidiariesBrookfield Property Partners [5]
Brookfield Infrastructure Partners
Brookfield Renewable Energy Partners
Brookfield Capital Partners
Brookfield Investment Management
Brookfield Canada Office Properties[6]
Brookfield Multiplex
Brookfield Incorporações[7]
Brookfield Office Properties
Brookfield Residential
Brookfield Real Estate Services[8]
Brookfield Global Integrated Solutions
Brookfield Global Relocation Services
Brookfield Financial
Brookfield RPS
Websitewww.brookfield.com

Brookfield Asset Management, Inc. is a global alternative asset manager with over $200 billion of assets under management, focusing on the real asset sectors of property, renewable energy and infrastructure.[9] The firm's assets are concentrated in property, renewable power, infrastructure and private equity.[9]

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").[10] 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.[11] Over the next century, the company expanded and it is now an owner and operator of approximately $220 billion of real assets, with 28,000 employees in over 100 offices in 20 different countries.[12] The company's major public subsidiaries include Brookfield Renewable Energy Partners, Brookfield Property Partners, Brookfield Canada Office Properties, Brookfield Incorporações, Brookfield Office Properties, Brookfield Residential Properties Inc., Brookfield Infrastructure Partners, and Brookfield Real Estate Services.[5][6][7][8]

Assets

  • Property: $126 billion[7]
  • Power: $22 billion[7]
  • Infrastructure: $31 billion[7]
  • Public Securities: $18 billion[7]
  • Private Equity: $21 billion[7]
  • Development Activities: $7 billion[4]

The company's asset management offerings are focused on real assets, but also include alternative-type investments, structured financial products, traditional fixed income and equities and finite-risk reinsurance.[13] In addition, Brookfield Asset Management owns a significant stake in a real estate services company offering home relocations, property appraisals, move-in services and home transaction closing services, and capital market services, including financial advisory, securities underwriting, and property brokerage.[14] Brookfield Asset Management invests through public, listed companies and through private funds. The company's institutional clients mainly include governments, sovereign wealth funds, pension plans, institutions, corporations and high-net-worth individuals.[15][16]

The company's corporate headquarters are located in Toronto and New York City.

Brookfield has $23 billion of assets under management in Canada, $134 billion invested in the United States, $15 billion invested in Australia and Asia, $20 billion in South America and $12 billion in the UK, Western Europe and the Middle East.[7] Its major real estate investments include Brookfield Place (formerly known as the World Financial Center) in New York, Canary Wharf in London (owned with Qatar's Sovereign Wealth Fund), First Canadian Place in Toronto, the Bank of America Plaza in Los Angeles, and Houston's Allen Center complex.[17][18][19] Other investments include Brookfield Infrastructure Partners, Transelec and Brookfield Renewable Energy Partners.

Brookfield's infrastructure assets include a major Australian railway and coal terminal and several European ports.[20][21][22] It used to control such major Canadian companies as Noranda Inc., Falconbridge Limited, John Labatt, Royal Trust, MacMillan Bloedel and London Life.[23]

Management

J. Bruce Flatt is senior managing partner and chief executive officer. Mr. Flatt was appointed to this position in February 2002 after having served as chief executive officer of Brookfield Properties since 2000.[23][24] He was trained as an accountant at Clarkson, Gordon and Company, which is now part of Ernst & Young.[19] As of fiscal year 2014, his basic compensation was $6.65 million.[25]

Mr. 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 General Growth Properties Incorporated. Mr. Flatt previously served as a board member to Fraser Papers and Norbord Incorporated.[25] Mr. Flatt holds a business degree from the University of Manitoba.[19]

History

1899-1979

In 1899 the São Paulo Railway, Light and Power Company was founded by William Mackenzie, Frederick Stark Pearson and others. (The word "Railway" would later be changed to "Tramway.")

In 1904 the Rio de Janeiro Tramway, Light and Power Company was founded by Mackenzie's group.[26]

In 1912 Brazilian Traction, Light and Power Company Limited 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 the two previous companies.[27]

In 1916 Great Lakes Power Company Limited was incorporated to provide hydro-electric power in Sault Ste. Marie and the Algoma District in Ontario.[28]

In 1966 Brazilian Traction, Light and Power Company Limited changed its name to Brazilian Light and Power Company Limited.

In 1969 Brazilian Light and Power Company Limited changes its name to Brascan Limited (BL)[27]

In 1979 the company's Brazilian assets were transferred to Brazilian ownership (e.g., Eletropaulo and Light S.A.), the company meanwhile having diversified to other areas.[27]

2005-2009

Mergers and acquisitions

In 2005, the company changed its name to Brookfield Asset Management (BAM). As part of a number of purchases in 2007, Brookfield acquired Multiplex Group construction company for $6.1 billion and renamed it Brookfield Multiplex. It also acquired Longview Fibre Company, expanding its timberland platform to 2.5 million acres (10,000 km²). In 2008, Brookfield Infrastructure Partners was spun out of the holding company, and subsequently merged with Australia's Prime Infrastructure in a $1 billion transaction.

Birch Mountain class action

The Birch Mountain class action lawsuit arose out of allegations that a Brookfield affiliate used a $31.5 million convertible debenture position to transfer assets from Birch Mountain Resources.[29] In a process supervised by the Alberta courts, PricewaterhouseCoopers (PwC) was appointed receiver of Birch Mountain Resources in November 2008 at the request of Tricap Partners Ltd., after Birch Mountain had defaulted on its debts. The assets included nearly 1 billion tonnes of limestone reserves, making it a MegaQuarry, along with permits and leases for limestone and other minerals covering over 700,000 additional acres. The assets from the Hammerstone Quarry Project were valued at over $1.6 Billion dollars in an independent NI 43-101 Technical Report conducted by AMEC in 2006.[30] The assets were transferred to Tricap Partners Ltd, now operating under the Hammerstone Corporation, a subsidiary of Brookfield Special Situations Group, for approximately $50 million.[31]

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 ongoing lawsuit challenges the acquisition and transfer of assets from a public company, Birch Mountain Resources, to the Hammerstone Corporation.[32]

An Amended Statement of Claim was filed in the Court of Queen's Bench of Alberta with former NHL star Lanny McDonald as the Representative Plaintiff, on May 27, 2014.[33] The case was dismissed in its entirety, after the judge ruled it had no legal merit in April, 2015.[34] On May 25, 2015, the plaintiffs filed a notice of appeal in the case and the Appeal Factum is due November 18, 2015. On November 23, 2015 the Appellant filed an Appeal from the Order of The Honourable Madam Justice Strekaf dated and filed April 30, 2015 in McDonald v. Brookfield Asset Management Inc. in the Court of Appeal Alberta. The Appeal was heard on June 15, 2016 over the Hammerstone Project MegaQuarry in Alberta and a decision is forthcoming. [35]

2010-2012

Launch of Brookfield Renewable Energy Partners

In 2010, Brookfield Renewable Energy Partners was launched as an exchange-listed global renewable power company, with a portfolio of hydroelectric and wind power plants in Canada, the United States and Brazil.

General Growth Properties

Also in 2010, Brookfield led a successful restructuring of General Growth Properties, the second largest owner of U.S. shopping malls, out of bankruptcy after rebuffing Simon Property Group's attempt to acquire GGP.[24] In 2011, the company increased its share of General Growth Properties to 38%.[36] By 2012, Brookfield's stake in GGP grew to 42% which prompted investor activist William Ackman to request that GGP create a special committee unaffiliated with Brookfield to consider a sale to Simon.[37] On Dec. 31, 2012, Pershing Square agreed to sell a portfolio of its stake in GGP to Brookfield and struck a four-year agreement to be a passive investor in the shopping mall company.[38] By May, 2014 Pershing Square had sold all of its shares in GGP.[39]

Kerzner lawsuit

In January 2012, two hedge fund creditors, Trilogy Portfolio Co. and Canyon Value Realization Fund LP, in a loan with Brookfield, filed a lawsuit in Delaware Chancery Court in Wilmington asking that the court restrain Brookfield's attempt to acquire the Kerzner International properties from closing.[40][41] In the lawsuit, the hedge funds alleged that Brookfield engaged in "brazen self-dealing" and collusion with junior lender PCCP and servicer Wells Fargo to complete the deal in violation of the loan agreement.[42] The court granted a temporary injunction pending a hearing. Brookfield consequently cancelled its offer to acquire the property.[43] Brookfield walked away after a Delaware judge issued the injunction.[42] The two hedge funds subsequently agreed to a restructuring that allowed Brookfield to acquire the One&Only Ocean Club in the Bahamas, Atlantis Paradise Island Resort in the Bahamas, and the One&Only Palmilla Resort in Mexico.[44][45] Brookfield subsequently sold the One & Only Ocean Club to Access Industries for $140 million.[46]

São Paulo, Brazil

In 2012, Brazilian authorities announced that they were investigating allegations that an executive at Brookfield bribed São Paulo building officials to secure permits required for renovating three shopping malls.[47] The allegations were made by Daniela Gonzalez, the former chief financial officer of a Brookfield subsidiary in Brazil, who was fired by Brookfield in 2010.[48] The alleged bribes reportedly totaled $789,851. Silvio Antonio Marques, a São Paulo state prosecutor confirmed the civil and criminal investigations to the Wall Street Journal and added that the reporting individual also provided documentation of the misconduct by Brookfield employees. A former Brookfield employee, who is being sued by Brookfield for embezzlement and is being investigated by Brazilian authorities, reported the alleged bribes to both the authorities in Brazil and to the U.S. Securities and Exchange Commission.[48] Brazilian authorities say they are questioning a company controlled by Brookfield Asset Management as part of an investigation into allegations that São Paulo officials engaged in extortion. In the continuing SEC inquiry, the agency has been looking into allegations made by a former Brookfield executive, who says she was ordered to bribe city officials to obtain permits required for shopping malls and says she was fired for refusing to do so.[49] In June, 2015, the Securities and Exchange Commission informed Brookfield Asset Management that it had concluded its investigation and would not be bringing charges over alleged bribery in Brazil.[50]

Brookfield Property Partners launched

In 2012, the company announced plans to spin off its global property holdings to shareholders in Brookfield Asset Management by distributing units in a new entity, Brookfield Property Partners.[51]

City of London acquisition

In June 2012, Brookfield Office Properties announced plans to acquire a portfolio of three office buildings and a development site in the City of London for $829 million from Hammerson Inc., a British real estate company focused on retail developments.

Investments in Brazil, Chile and Maine

In July 2012, Brookfield and Spanish toll road operator Abertis announced plans to acquire a toll road network in Brazil. At the same time, Brookfield acquired full control of toll road assets in Chile. In December, 2012, Brookfield Renewable Energy Partners agreed to acquire a portfolio of 19 hydroelectric power stations in Maine from Nextera Energy Resources LLC for $760 million.[52]

2013

MPG Office Trust Inc.

On April 26, 2013, Brookfield Office Properties made an offer for MPG Office Trust Inc. and announced plans to create a new $1.15 billion fund that would hold seven MPG and Brookfield office buildings in Los Angeles.[53]

Brookfield Cold Storage launched

In June 2013, a Brookfield private equity fund acquired two Canadian refrigeration facilities, in Toronto and Calgary, from Millard Refrigerated Services, launching a new national company, Brookfield Cold Storage.[54]

Longview Timber and Longview Fibre sales

In June 2013, Brookfield also announced two separate transactions totaling $3.65 billion that saw the sale of its Longview Timber unit to Weyerhauser for $2.65 billion, and the sale of Longview Fibre Paper and Packaging to Kapstone Paper and packaging for $1 billion. Brookfield purchased the companies in 2007 with $1 billion of equity.[55] In commenting on the transaction, Kapstone chairman and CEO Roger Stone said: "The Longview team orchestrated a transformation that is truly, in my experience, the most amazing that I've actually ever seen in my 55 years in the industry."[56]

Carson Block mentions Brookfield in article

In July, 2013, the New York Times ran an article by short seller Carson Block of Muddy Waters LCC that cited Brookfield as one of a number of companies that had miscalculated the risks of investing in Brazil.[57]

Acquisition of Industrial Developments International

In August 2013, Brookfield Property Partners, acquired Industrial Developments International, an Atlanta-based owner of distribution facilities, from Japanese construction company Kajima Corp. in a $1.1 billion transaction.[58]

2014

Texas Utility Energy

Brookfield was revealed to be a significant creditor in an arm of bankrupt Texas Utility Energy Future Holdings, as a holder of debt in the company’s Texas Competitive Electric Holdings subsidiary.[59]

Acquisition of Irish wind farms

In March 2014, Brookfield Renewable Energy acquired a portfolio of Irish wind farms for $680 million as part of a privatization by the Irish government.[60]

2015

Canary Wharf

Brookfield Property Partners and the Qatar Investment Authority acquired the parent to the Canary Wharf real estate development in London for ₤2.6 billion.[61] Brookfield was the biggest buyer of European real estate in 2015.[62]

Acquisition of GrafTech, North American Palladium and Armtec

Brookfield’s private equity arm, Brookfield Capital Partners, acquired a number of industrial companies, including GrafTech International, North American Palladium and Armtec.[63][64][65]

Associated Estates

Brookfield Property Partners acquired apartment owner Associated Estates for $1.7 billion after the company put itself up for sale.[66]

Asciano

In August, 2015, Brookfield Infrastructure bid approximately $6.6 billion for Australian rail, port and logistics company Asciano.[67]

2016

On January 13, 2016, Brookfield acquired 57% of the power generation company Isagén, in Colombia, for a sum of $6.48 trillion (COP) ($2.03 billion USD).[68] In early 2016, Brookfield announced that it partnered with Korea Investment Corp. to purchase a major chunk of Potsdamer Platz in Berlin, acquiring a total of 17 buildings. The total acquisition price is $1.41 billion.[62] In announcing the transaction, Brookfield Property Partners chairman Ric Clark said the company is looking for additional world class assets.[62]

See also

  • Edper Investments, the Bronfman holding company that controlled Brascan from 1979-1993.

References

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  2. ^ "James Flatt: Executive Profile & Biography". Bloomberg Businessweek. Retrieved December 2, 2013.
  3. ^ a b c d "Brookfield Asset Management Reports 2015 Results". Brookfield Asset Management. 12 February 2016. Retrieved 14 February 2016.
  4. ^ a b "2012 Annual Report". U.S. Securities and Exchange Commission. Retrieved December 2, 2013.
  5. ^ a b "Schedule 13D/A". U.S. Securities and Exchange Commission. Retrieved December 2, 2013.
  6. ^ a b "Brookfield Canada Office Properties". Reuters. Retrieved December 2, 2013.
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  8. ^ a b "Interim Report Q2 2009". U.S. Securities and Exchange Commission. Retrieved December 2, 2013.
  9. ^ a b "BAM Profile & Executives". Bloomberg L.P. Retrieved December 2, 2013.
  10. ^ Won, Shirley (September 16, 2005). "What's in a name? Plenty if it's Brascan". The Globe and Mail.
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  16. ^ "Brookfield Asset Mgmt looks to emerging markets". Reuters. November 8, 2013.
  17. ^ Levitt, David (October 26, 2012). "World Financial Center Renamed in Brookfield Tenant Shift". Bloomberg L.P.
  18. ^ "Brookfield to Create Commercial Real Estate Giant". World Property Channel. September 30, 2013.
  19. ^ a b c Simon, Bernard (September 23, 2001). "Private Sector; A Landlord at Disaster's Margin". The New York Times.
  20. ^ Schratz, Allie. "Brookfield Rail Makes Significant Improvements to the MidWest Rail Network". Business Review Australia.
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  22. ^ "The United Kingdom Major Ports Group Limited - Welcome". The United Kingdom Major Ports Group Limited. Retrieved December 5, 2013.
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  40. ^ Dames, Candia (13 January 2012). "Legal Battle for Atlantis". Nassau Guardian. Retrieved 24 September 2012.
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  51. ^ Drummer, Randyl (May 16, 2012). "Brookfield Asset Management to Spin Off $70B CRE Company". CoStar Group, Inc.
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  54. ^ "Brookfield Asset Management Inc's Private Equity Group Acquires Canadian Cold Storage Business". Reuters. June 3, 2013.
  55. ^ Pierson, Ransdell (June 16, 2013). "Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 billion". Reuters.
  56. ^ "Kapstone completes purchase of Longview Fibre Paper & Packaging". Converting Quarterly. July 24, 2013.
  57. ^ Block, Carson (July 10, 2013). "Adventures Abroad Could Hurt U.S. Companies". The New York Times.
  58. ^ Bubny, Paul (October 3, 2013). "IDI, Verde Close on $1.1B Merger". GlobeSt.com.
  59. ^ Falconer, Kirk (9 December 2014). "Brookfield flexing its muscles in energy industry with EFH, Ember deals". PE HUB. Retrieved 6 September 2015.
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  61. ^ Allen, Kate; Massoudi, Arash (28 January 2015). "Qatar and Brookfield win battle to take over Canary Wharf". Financial Times. Retrieved 6 September 2015.
  62. ^ a b c Patnaude, Art. "Brookfield Acquires Potsdamer Platz in Berlin for $1.4 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-01-15.
  63. ^ Stapczynski, Stephen (18 May 2015). "Brookfield agrees to acquire graphite maker GrafTech for $546-million". The Globe and Mail. Retrieved 6 September 2015.
  64. ^ "Brookfield to recap North American Palladium". CVCA News. 15 April 2015. Retrieved 6 September 2015.
  65. ^ "Armtec agrees to sale of assets to Brookfield". CVCA. 29 April 2015. Retrieved 6 September 2015.
  66. ^ Carmiel, Oshrat (22 April 2015). "Brookfield to Buy Associated Estates for $1.7 Billion". Bloomberg Business. Retrieved 6 September 2015.
  67. ^ Deveau, Scott; Foley, Brett (18 August 2015). "Brookfield Infrastructure Buys Asciano for $6.55 Billion". Bloomberg Business. Retrieved 6 September 2015.
  68. ^ http://www.theglobeandmail.com/report-on-business/international-business/latin-american-business/brookfield-buys-colombias-isagen-stake-for-28-billion/article28141392/
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