The investment giant will relocate Brookfield Asset Management’s headquarters to New York to gain access to a larger pool of equity-index investors, the company said in a press release. (The Logic)
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The investment giant will relocate Brookfield Asset Management’s headquarters to New York to gain access to a larger pool of equity-index investors, the company said in a press release. (The Logic)
Talking point: The corporate restructuring, first floated in September, includes a share exchange to make all of its shares public. Brookfield Corp., its parent company, currently owns 73 per cent of the asset management arm’s shares. Under the new arrangement, the parent will buy back public shares to maintain an equivalent stake. The scheme will give Brookfield Asset Management a market capitalization of about US$85 billion, up from about US$23 billion, and make it easier to qualify for U.S. stock indexes. Brookfield, which says it manages about US$1 trillion in assets, will remain incorporated in Canada. It said the move won’t change its operations or strategic plans, nor its tax treatment.
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