Brookfield Corporation successfully completes distribution of a 25 percent interest in its wealth management business
Brookfield Asset Management Ltd.; Brookfield Corporation
BROOKFIELD, NEWS, December 9, 2022 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) (the “Company”) and Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) (the “Manager”) jointly announced today the completion of the public listing and sale by the Manager of a 25% interest in the Company’s asset management business through a settlement plan (“Agreement”).
The company has changed its name from Brookfield Asset Management Inc. to Brookfield Corporation, effective today and at the market open on December 12, 2022, its shares will trade under the new ticker “BN” on both exchanges. The manager adopts the name Brookfield Asset Management Ltd. and has been successfully listed on the New York Stock Exchange and the Toronto Stock Exchange. At the opening of the stock market on December 12, 2022, the shares will be traded on both stock exchanges under the ticker “BAM”.
Shareholders can now access a leading global pure-play alternative wealth management company through the manager. The company will continue to focus on deploying capital in its operations, growing cash flows and growing capital over the long term.
About Brookfield Corporation
Brookfield Corporation (NYSE: BN, TSX: BN) is focused on investing in value and earning returns over the long term. This capital is distributed across our three core pillars of wealth management, insurance solutions and our operational business. With a disciplined investment approach, we leverage our deep expertise as owners and operators of property, plant and equipment and the size and flexibility of our capital to create value and deliver strong risk-adjusted returns throughout market cycles. With significant capital backed by a conservatively capitalized balance sheet, Brookfield Corporation is well positioned to pursue significant growth opportunities.
Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and can also be found in the Investors section of its website at https://bn.brookfield.com. Hard copies of the annual and quarterly reports are available free of charge upon request.
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For more information, please visit our website at https://bn.brookfield.com or contact:
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About Brookfield Asset Management
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $750 billion in assets under management across real estate, infrastructure, renewable energy and energy transition, private equity and credit. We invest client capital for the long term with a focus on real assets and essential service companies that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world – including public and private pension plans, endowments and endowments, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We leverage Brookfield’s heritage as owners and operators to invest in value and deliver strong returns for our clients through economic cycles.
Please note that Brookfield Asset Management’s returns and reports are filed on EDGAR and SEDAR and can also be found on the Investors section of its website at https://bam.brookfield.com. Hard copies of the annual and quarterly reports are available free of charge upon request.
For more information, please visit our website at https://bam.brookfield.com or contact:
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Communication & Media: |
Investor Relations: |
Forward-Looking Statements
Information in this press release that is not historical fact constitutes “forward-looking information.” This press release contains “forward-looking information” within the meaning of the provincial securities laws of Canada and “forward-looking statements” within the meaning of the provincial securities laws of Canada and “forward-looking statements” within the meaning of the US Securities Act of 1933 , the US Securities Exchange Act of 1934 and the ” Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and all applicable Canadian securities regulations. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “anticipate”, “could”, “estimate”, “goal”, “intend”, “plan”, “aim”. , “seek”, “will”, “may” and “should” and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions based on the Company’s and Manager’s perceptions of historical trends, current conditions and anticipated future developments, as well as other factors that management believes are reasonable under the circumstances. The Company’s and Manager’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and are therefore subject to change. Neither the Company nor the Management Company can give any assurance that such estimates, beliefs and assumptions will prove to be correct.
This press release contains forward-looking statements regarding expected future characteristics of the Company and the Manager after the closing of the Agreement; and statements that express management’s expectations regarding the Company’s operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, goals, ongoing objectives, strategies and outlook and reflect the manager. Factors that could cause actual results, performance, achievements or events to differ materially from those contemplated or implied by any forward-looking statements include, but are not limited to: (i) investment returns below target; (ii) the effects or unforeseen effects of general economic, political and market factors in the countries in which the Company and the Manager do business, including as a result of COVID-19 and the associated global economic disruptions; (iii) the behavior of financial markets, including fluctuations in interest rates and exchange rates; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within those markets; (v) strategic measures including orders; the ability to complete and effectively integrate acquisitions into existing operations and the ability to realize anticipated benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties related to critical accounting assumptions and estimates); (vii) the ability to manage human capital appropriately; (viii) the effect of applying future accounting changes; (ix) commercial competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in governmental regulations and laws in the countries in which the Company and the Manager own, operate and manage assets and businesses; (xiii) regulatory investigations; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the potential impact of international conflicts and other developments, including acts of terrorism and cyberterrorism; (xix) introduction, withdrawal, success and timing of business initiatives and strategies; (xx) failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) maintaining adequate insurance coverage; (xxiii) Risks specific to the Company’s operations, including its asset management, real estate, renewable energy and transition, infrastructure, private equity and residential development businesses and risks specific to the Manager’s asset management business ; (xxiv) the existence of information barriers between certain entities within the Management Company; and (xxv) factors set out from time to time in documents filed by the Company and the Management Company with securities regulators in Canada and the United States. Other factors, risks and uncertainties not currently known to the Company and the Manager or which the Company and the Manager consider immaterial could also cause actual results or events to differ materially from the forward-looking information expressed or implied by any statements differ. Readers are cautioned not to place undue reliance on any statements containing forward-looking information contained in this press release and made as of the date of this press release and not to use such information for any purpose other than its intended purpose. The Company and the Manager disclaim any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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