Private Credit Wants in on $12 Trillion US Retirement Pot
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Brookfield beefs up Canadian mortgage business with First National deal
Brookfield Asset Management Ltd. is getting into the Canadian mortgage business in a big way, teaming up with Birch Hill Equity Partners Management Inc. to buy a majority stake in First National Financial Corp. in a $2.9-billion transaction. Brookfield is already a significant player in mortgage insurance, following its 2019 purchase of a majority stake in Genworth MI Canada. The balance of Genworth, now called Sagen Mortgage Insurance Co. Canada, was purchased the following year. First National underwrites and services mostly prime residential — single-family, multi-unit — and commercial mortgages. With more than $155 billion in mortgages under administration, it is one of Canada's largest non-bank mortgage originators. Brookfield's strategy of pursuing growth in the non-bank mortgage segment of private credit goes beyond the potential to integrate mortgage lending and insurance in Canada. The global asset manager has already expanded into the United States with the spring purchase of New York-based mortgage lender Angel Oak Cos. LP. Over the past decade, Angel Oak has originated more than US$30 billion in residential mortgage loans and issued over 60 securitizations, a pace that was expected to accelerate as a result of 'growth in borrower segments that are underserved by traditional lenders,' Brookfield said in April. Brookfield's growing credit division, which encompasses partnerships with industry players such as Oaktree Capital Management Inc. and 17Capital LLP, already manages more than $300 billion of assets globally. The division focuses on a range of private credit investment strategies, including infrastructure, renewables, real estate, asset-backed and corporate credit, with return profiles spanning investment grade, sub-investment grade and opportunistic. 'Generally, Brookfield seeks to leverage the ecosystem to drive upside for any of their portfolio companies,' said Jaeme Gloyn, an analyst at National Bank of Canada. However, he said there are elements in the latest deal that will put some limits on the integration of mortgage underwriting and insurance in Canada. For one thing, Stephen Smith, First National's founder and one of its controlling shareholders — who will remain a minority indirect shareholder in First National after the transaction closes — is also an owner of Canada Guaranty Mortgage Insurance Co., the country's other large mortgage insurer that competes with Genworth/Sagen. Gloyn also said First National is being purchased by private-equity funds managed by Brookfield Asset Management, while Genworth/Sagen is owned by another unit, Brookfield Business Partners. 'I would not expect concerns regarding competition,' he said. After the close of the First National transaction, expected in the fourth quarter, Brookfield and Birch Hill will own about 62 per cent of the company. The mortgage lender's controlling shareholders, Smith and Moray Tawse, will each retain an indirect holding of 19 per cent. The purchase price of $48 a share represents a 22.8 per cent premium to the volume-weighted average trading price over the 90 days leading up to the purchase announcement. Private-equity funds managed by Brookfield and Birch Hill emerged as the buyers following a strategic review conducted by First National. The best mortgage rates in Canada right now The best reverse mortgage rates in Canada right now How to break your mortgage without breaking the bank 'Outreach to a broad pool of potential buyers (resulted in) … several acquisition proposals that fell below the Birch Hill and Brookfield offer,' Gloyn said in a note on Monday. Jason Ellis, First National's chief executive, is expected to remain in place after the transaction closes, along with his leadership team. • Email: bshecter@
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Mexico Launches $12 Billion Debt Offering to Support Pemex
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New Brand Finance Ranking: PIF and BlackRock Stay on Top as World's Most Valuable Sovereign Wealth Fund and Asset Management Brands
LONDON--(BUSINESS WIRE)-- BlackRock is the world's most valuable asset management (AM) brand with a value of USD8.3 billion, and PIF is the most valuable and fastest-growing sovereign wealth fund (SWF) brand, according to data from Brand Finance, the world's leading independent brand valuation consultancy. The collective value of the top 50 brands grew 5% year on year, to USD73.9 billion in 2025. BlackRock's brand value has risen 17%, driven by a surge in assets under management, strategic acquisitions in private markets, and leadership in technology and AI. PIF is the most valuable SWF brand, (up 11% to USD1.2 billion). It also ranked seventh for brand value to AUM ratio among all AM and SWF brands, the only SWF to feature in the top 10. PIF's AUM have grown due to robust portfolio performance, driven by a range of key portfolio companies and maturing long-term projects. J.P. Morgan Asset Management ranks as second most valuable AM brand (up 3% to USD7.2 billion) and leads AM and SWF brands in brand strength with a Brand Strength Index (BSI) score of 87.6/100 (AAA). Vanguard (USD6.0 billion) is third most valuable. The Abu Dhabi Investment Authority (ADIA) is the strongest SWF by BSI, scoring 64.1/100 (A+). PIF is the second strongest AM brand, scoring 62.9/100 (A+). David Haigh, Chairman and CEO of Brand Finance, commented: ' high-profile investments with a positive impact continue to build the brand values of asset managers and sovereign wealth funds. This is evident in the impact of successful sports partnerships, which deliver an observable uplift in awareness and familiarity among B2B and informed audience. Formula 1 and football are powerful and popular ways for asset managers and sovereign wealth funds to raise their international profiles in a way that is consistent with the brands' wealth and stature.' Note to Editors The full ranking, insights, methodology, and definitions of key terms are available in the Brand Finance Asset Management & Sovereign Wealth Fund 50 2025 report. Brand Finance is the world's leading brand valuation consultancy.
