Brookfield Asset Management
|Traded as||TSX: BAM.A|
S&P/TSX 60 component
Frederick Stark Pearson
|Frank McKenna (Chairman)|
Bruce Flatt (CEO)
|Revenue||US$40.7 billion (2017)|
|US$4.6 billion (2017)|
|AUM||US$285.141 billion (2017)|
|Total equity||US$79.9 billion (2017)|
Number of employees
|80,000 operating employees|
800 investment professionals
Brookfield Property Partners
Brookfield Infrastructure Partners
Brookfield Renewable Partners
Brookfield Business Partners
Brookfield Office Properties
Forest City Realty Trust
Brookfield Asset Management Inc. is an alternative asset management company. It has around $285 billion of assets under management, focusing on real estate, renewable power, infrastructure and private equity. The company's headquarters are located in Toronto, and it also has corporate offices in New York City, London, Rio de Janeiro and Sydney.
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 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.
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. Brascan is a portmanteau of "Brasil" and "Canada".
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. 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.
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. Its major public subsidiaries include Brookfield Infrastructure Partners, Brookfield Renewable Partners, Brookfield Property Partners, and Brookfield Business Partners
For the fiscal year 2017, Brookfield Asset Management reported earnings of US$1.317 billion, with an annual revenue of US$40.786 billion, an increase of 67.1% 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.
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Birch Mountain class action
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.
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.
The case was dismissed. 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. The appeal was heard on June 15, 2016 over the Hammerstone Project MegaQuarry in Alberta. On Dec. 5, 2016, the Court of Appeal of Alberta again dismissed the case.
- Edper Investments, the Bronfman holding company that controlled Brascan from 1979-1993.
- List of real estate companies of Canada
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- "INDUSTRIES: Business History of Utilities". Business History. Retrieved December 8, 2013.
- Won, Shirley (September 16, 2005). "What's in a name? Plenty if it's Brascan". The Globe and Mail.
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- "Reports & Filings". bam.brookfield.com. Retrieved 2018-11-07.
- "Birch Mountain names receiver" Archived 2014-04-11 at the Wayback Machine.,Calgary Herald, Canada, 7 November 2008 Retrieved 22 July 2012
- Gray, Jeff. "Squeezed-out Birch Mountain shareholders take on Brookfield",The Globe and Mail, Canada, 15 November 2011 Retrieved 22 July 2012
- McDonald v Brookfield Asset Management Inc Archived 2015-09-23 at the Wayback Machine., 2015 ABQB 281
- "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.
- "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.
- "Case Developments" (PDF). Brookfield Class Action Website. Retrieved 1 June 2015.
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