Brookfield Asset Management Inc. is a global alternative asset manager with approximately $ 250 billion of assets under management, focusing on private equity, property, renewable energy and infrastructure. The company headquarters is located in Toronto, and also has corporate offices in New York City, London, Rio de Janeiro, and Sydney.
The company was founded in 1899 as a builder and operator of electricity and transport infrastructure in Brazil; the initial name of the company "Brascan" reflects this history ("Brazil" "Canada"). The company provides electrical and tram services at SÃÆ'Â £ Paulo and Rio de Janeiro, and the Brazilian side after the split is still known as "Light", short for Traction Brasil, Light and Power Co. Ltd. Over the next century, the company expanded and is now an investor and operator of approximately $ 220 billion in real assets, with 70,000 employees in more than 100 offices in 30 different countries. Its main public subsidiaries include Brookfield Infrastructure Partners, Brookfield Renewable Partners, Brookfield Property Partners, and Brookfield Business Partners.
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Aset
Offering corporate asset management to institutional investors is focused on tangible assets, but also includes alternative type investments, structured financial products, traditional fixed income and equity, and limited risk reinsurance. In addition, Brookfield Asset Management has significant shares in real estate services companies offering home relocation, property valuation, moving services and home transaction closing services, and capital market services, including financial advisors, securities underwriting, and property brokers. Brookfield Asset Management invests through a public company, registered and through private funds. The institutional clients of the company mainly include governments, state funds, pensions, institutions, companies, and high-value individuals.
Brookfield has $ 23 billion of assets under management in Canada, $ 138 billion invested in the United States, $ 19 billion invested in Asia Pacific, $ 20 billion in South America and $ 32 billion in Britain, Western Europe and the Middle East. Its main real estate investments include Brookfield Place (formerly known as the World Financial Center) in New York, Brookfield Place in Toronto, Canary Wharf in London (owned by the Sovereign Qatar Sovereign Fund), Potsdamer Platz in Berlin, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney, and Brookfield Place in Perth.
Brookfield's infrastructure assets include utilities: electricity and gas distribution; transportation: railway and terminal and coal port; energy transmission and communications infrastructure.
Brookfield's renewable power assets include hydroelectric and wind power assets.
Brookfield's private equity business focuses on tangible assets through ownership and operations in business services, industrial operations and residential development services industries.
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Management
J. Bruce Flatt is a senior managing partner and chief executive officer. Mr. Flatt was appointed to this position in February 2002 after serving as chief executive officer of Brookfield Properties since 2000. He was trained as an accountant at Clarkson, Gordon and Company, now part of Ernst & Young. In fiscal year 2014, the basic compensation was $ 6.65 million.
Mr. Flatt is a senior managing partner and executive director of the company, and on behalf of the company is the chairman and director of GGP. Mr. Flatt previously served as a board member for Fraser Papers and Norbord Incorporated. Mr. Flatt has a business degree from the University of Manitoba.
History
1899-1979
In 1899, SÃÆ'Â ° o Paulo Railway, Light and Power Company was founded by William Mackenzie, Frederick Stark Pearson and others. (The word "Railway" will later be changed to "Tramway.")
In 1904, the Tramway in Rio de Janeiro, Light and Power Company was founded by the Mackenzie group.
In 1912 Traction of Brazil, Light and Power Company Limited was established in Toronto as a public company to develop hydro power operations and other utility services in Brazil, becoming the parent company for the two previous companies.
In 1916 the Great Lakes Power Company Limited was established to provide hydro-electric power in Sault Ste. Marie and the Algoma District in Ontario.
In 1966, the Brazilian Traction, Light and Power Company Limited changed its name to Brazil Light and Power Company Limited.
In 1969 Light Brazil and Power Company Limited changed its name to Brascan Limited (BL)
In 1979, the assets of Brazilian companies were transferred to Brazilian ownership (eg, Eletropaulo and Light S.A. - now AES Eletropaulo), while the company diversified into other areas.
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 for $ 6.1 billion and named it Brookfield Multiplex. In 2016 the company is re-branded as Multiplex. The company also acquired Longview Fiber Company, extending its forest platform to 2.5 million acres (10,000 km²). In 2008, Brookfield Infrastructure Partners spun from the parent company, and then joined the Australian Infrastructure Premier in a $ 1 billion deal.
Birch Mountain class action
The class action lawsuit Mount Birch has consistently been dismissed, with the judge finding in favor of Brookfield and against the plaintiff. In a process overseen by an Alberta court, PricewaterhouseCoopers (PwC) was appointed recipient of Birch Mountain Resources in November 2008 after Birch Mountain failed to pay its debts. The Birch Mountain asset was transferred to Tricap Partners Ltd., now operating under 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 High Court of Justice in Ontario, Canada. The lawsuit challenges the acquisition and transfer of assets from a public company, Birch Mountain Resources, to Hammerstone Corporation.
The case was dismissed in its entirety, after the judge ruled it has no legal reward in April 2015. On May 25, 2015, the plaintiff filed an appeal notice in this case, at McDonald v. Brookfield Asset Management Inc. in the Alberta Appellate Court. The appeal was heard on June 15, 2016 on the MegaQuarry Hammerstone Project in Alberta. On December 5, 2016, the Alberta Court of Appeals again dismissed the case, stating that the appeal was unfounded.
2010-2012
The launch of Brookfield Renewable Energy Partners
In 2010, Brookfield Renewable Energy Partners was launched as a listed power company listed on the stock exchange, with a portfolio of hydro and wind power plants in Canada, the United States and Brazil.
General Growth Properties
Also in 2010, Brookfield led the restructuring of the successful General Growth Property, the second-largest owner of a US shopping mall, out of bankruptcy after dismissing Simon Property Group's effort to acquire GGP. In 2011, the company increased its share from General Growth Properties to 38%. In 2012, Brookfield shares in GGP grew to 42%, prompting investor activist William Ackman to request that GGP create a special committee not affiliated with Brookfield to consider selling to Simon. On December 31, 2012, Pershing Square agreed to sell its stock portfolio in GGP to Brookfield and reached a four-year agreement to become a passive investor in a shopping center company. In May 2014, Pershing Square has sold all of its shares in GGP.
Kerzner's demands
In January 2012, two hedge fund creditors, Trilogy Portfolio Co and Canyon Value Realization Fund LP, in a loan with Brookfield, filed a lawsuit at Delaware Chancery Court in Wilmington asking the court to withhold Brookfield's attempts to acquire Kerzner International property from the closing. In the lawsuit, hedge funds alleged that Brookfield was involved in a "bold self-acceptance" and collusion with junior PCCP lender and service provider Wells Fargo to finalize an agreement in violation of the loan agreement. The court gave a temporary order pending trial. Brookfield later canceled his offer to buy the property. Brookfield left after a Delaware magistrate issued an order. Both hedge funds then agreed on a restructuring that allowed Brookfield to acquire One & amp; Only Ocean Club in Bahamas, Atlantis Paradise Island Resort in Bahamas, and One & amp; Only Palmilla Resort in Mexico. Brookfield then sells One & amp; Only Ocean Club for Industrial Access is $ 140 million.
SÃÆ' Â £ o Paulo, Brasil
In 2012, the Brazilian authorities announced that they are investigating allegations that an executive at Brookfield bribed a building official of SÃÆ' Â £ o Paulo to obtain the necessary permits to renovate three shopping centers. The allegations were made by Daniela Gonzalez, former chief financial officer of a Brookfield subsidiary in Brazil, who was sacked by Brookfield in 2010. The reported alleged bribe amounted to $ 789,851. Silvio Antonio Marques, a state prosecutor SÃ