Latest news with #BrookfieldAssetManagement
Nikkei Asia
3 hours ago
- Business
- Nikkei Asia
Canada's Brookfield to invest $10bn in Japan over five years
Brookfield Asset Management CEO Bruce Flatt says his company is looking to expand its investments in Japanese real estate. (Nikkei montage/Source photos by Oki Hidaka) YUKI NAKAMURA TOKYO -- Canada's Brookfield Asset Management will invest more than $10 billion in Japan over the next five years, expanding its business in a country where real estate prices are relatively inexpensive. "We are now set up to be able to actionably deploy amounts of capital like we deploy in our major markets of the world," said Brookfield CEO Bruce Flatt in a recent interview in Tokyo.
Bloomberg
11 hours ago
- Business
- Bloomberg
Brookfield Is Missing Out on the PE Secondaries Boom Its CEO Saw Coming
By and Preeti Singh Save Bruce Flatt was clear with his prediction: the secondary market for private equity, real estate and infrastructure was ready to take off, and it could become a $50 billion business for his Brookfield Asset Management. Five years after the Brookfield chief executive officer's forecast, the boom has come and Brookfield has largely missed out. It's been on the sidelines as rivals rush to raise funds to buy chunks of portfolio companies from other buyout shops or offer their investors a way out.
Yahoo
13 hours ago
- Business
- Yahoo
TSX futures rise on US-Japan trade deal
(Reuters) -Futures tied to Canada's benchmark index rose on Wednesday, after U.S. President Donald Trump revived hopes for deals with its trading partners following an agreement with Japan. Futures on the S&P/TSX index were up 0.5% at 1,637.1 points by 06:20 a.m. ET (1020 GMT). Trump struck a trade deal with Japan, lowering tariffs on auto imports and sparing Tokyo from punishing new levies on other goods, in exchange for a $550 billion package of U.S.-bound investment and loans. Meanwhile, prospects of an EU-U.S. trade agreement improved after Trump said on Tuesday that EU representatives would come for trade negotiations on Wednesday. The news lifted market sentiment and sparked hopes of more U.S. agreements before the August 1 tariff deadline. In commodities, gold prices fell and oil prices were steady. Copper prices touched their highest in over two weeks. In corporate news, Zara founder Amancio Ortega's investment vehicle Pontegadea Inversiones has agreed to acquire a 49% stake in PD Ports from Brookfield Asset Management. In the U.S., Alphabet and Tesla will kick off the results season for the "Magnificent Seven" stocks later in the day. Canada's main stock index rose on Tuesday, led by mining shares. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory
Globe and Mail
5 days ago
- Business
- Globe and Mail
Carney's ethics filing shows more than 100 entities under conflict-of-interest screen
Prime Minister Mark Carney must recuse himself from discussions, debates, decisions or votes specifically pertaining to more than 100 corporate entities, newly released ethics documents show. That includes Brookfield Asset Management Ltd., where he held a management role prior to entering politics, but also dozens of companies with ties to Brookfield, even if Mr. Carney personally has no role or direct financial interest. 'In all of his work for Canadians, the Prime Minister will continue to serve with the highest standards for integrity at all times,' spokesperson Audrey Champoux said in a statement. The filings were released Friday in compliance with a deadline under the Conflict of Interest Act requiring public disclosure within 120 days of Mr. Carney becoming Prime Minister in March. He had been pressed to make the information public ever since he launched his bid for leadership of the Liberal Party earlier this year. Carney promises conflict-of-interest screen to prevent him from making decisions for companies he served Mr. Carney came to federal politics after a high-profile career in the private sector, including a stint as board chair for Brookfield Asset Management Ltd., a US$1-trillion asset manager whose investments touch on numerous sectors. Mr. Carney's critics had argued that his connections to the company potentially placed him in a conflict of interest − as Prime Minister, his decisions might not just benefit Brookfield, but also Mr. Carney personally through his own financial relationship with the company. Mr. Carney resigned from his board positions at the start of his leadership campaign, saying if he won he'd begin the process of compliance with ethics law. During the subsequent federal election, he said he had set up ethics screens and put his assets in a trust. But, he resisted calls to publicly disclose the scope of those screens or his holdings ahead of the legally required deadline. As a public office holder, he must report assets, liabilities, income and activities to the Conflict of Interest and Ethics Commissioner, and then a statement of those holdings must be made public within 120 days. Conflict-of-interest screens can in turn be proposed by the Ethics Commissioner as a preventive measure. The screen means he can't be aware of or participate in any matters specifically involving the companies' interests, but may participate in discussions or decisions that are general in nature or could affect the companies' interests more broadly. Mr. Carney was also required to divest of any assets that could be directly or indirectly affected by government decisions or policy. He opted to place them in a blind trust. That means he no longer has control over how the holdings are managed. Though the financial value of his holdings is disclosed to the Ethics Commissioner, that number is not made public. In addition to his roles with Brookfield, he was a director of the board of payments processor Stripe Inc. and an advisory board for investment giant PIMCO, among other private-sector jobs. The disclosures list hundreds of individual stocks held through an investment account. They include many stocks found in a typical mutual fund or index fund sold to ordinary investors, such as Walmart, Starbucks, video conferencing company Zoom, and tech giants such as Microsoft and That investment account does not include many of the largest Canadian companies, including those in highly regulated industries, such as major Canadian banks, telecommunications companies or energy producers. Mr. Carney also continues to own an interest in Brookfield Asset Management Ltd. He owns stock options and deferred share units in Brookfield and its parent company, Brookfield Corp., worth millions of dollars at current share prices, though their value fluctuates as Brookfield's stock rises or falls. The disclosures reveal that he owns shares of Partners Value Investments LP, a fund through which Brookfield's most senior executives own a large block of Brookfield shares. Those shares are typically only awarded to an exclusive group of Brookfield insiders, demonstrating the prominent position he held at the company. The Prime Minister is eligible to take part in the 'notional long-term inventive plan' for the Brookfield Global Transition Fund, a US$15-billion pool of capital that Mr. Carney spearheaded that makes large investments in technologies such as carbon capture and storage, solar power and batteries, and nuclear services. Mr. Carney could earn bonuses if it performs well. It is not clear if those incentives would be paid in cash, stock, or in carried interest − a cut of the fund's profits after it meets a certain threshold for investment gains. Mr. Carney divided his conflict screen into three sections. One is companies where he had a management position or an oversight role. The second lists Brookfield portfolio companies in the Registry of Lobbyists. The third section is described in the records as 'entities being screened out of an abundance of caution,' identified by the Ethics Commissioner as being Brookfield-related, 'even though I had no role in managing them, and no direct financial interest in them.' The screen is administered by his chief of staff and by the Clerk of the Privy Council. Even before the records were public, Mr. Carney was obligated to recuse himself from decisions that could place him in a conflict of interest. Those recusals must be made public within 60 days. None are listed on the Ethics Commissioner's website. A spokesperson for the opposition Conservatives said Friday that they were not officially commenting until they had a chance to fully review the records.
National Post
5 days ago
- Business
- National Post
'What is a conflict of interest, anyway?' The imagined thoughts of Mark Carney's ethics disclosures
The Conflict of Interest and Ethics Commissioner has released the full details of Mark Carney's asset disclosures, and they reveal a prime minister who appears to be more constrained by conflicts of interest than any other. Article content Carney's years of helping to oversee the trillion-dollar portfolio of Brookfield Asset Management gave him an equity stake over dozens of companies whose fortunes are likely to be directly impacted by the policies of his government. Article content Article content And so, the Ethics Commissioner has accepted a complex arrangement wherein any time one of 103 Carney-linked companies comes up in cabinet discussions, he's supposed to leave the room while declaring that he's doing so. Article content Article content But no, it turns out that all these assets were seen as a liability. A bad thing. The commissioner was prejudicially assuming that just because Mr. Carney happened to own substantial shares of a few dozen companies, this was itself evidence that he would use his public influence for personal gain. For shame, I say. Look within your heart, Canada. An intelligent, beautiful man volunteers to be your prime minister and your first impulse is to assume that he must only be doing it for selfish reasons? Article content Article content Article content What is a conflict of interest, anyway? Mr. Carney is a bipedal mammal who requires oxygen for cellular respiration. Does that put him at a 'conflict of interest' if he takes pro-oxygen positions in public life? Article content I have known Mr. Carney to ride inside automobiles manufactured by Mercedes, Lexus and, if he's slumming it, Volkswagen. Does that put him at a 'conflict of interest' when it comes to foreign relations with the respective governments of Germany and Japan? Article content By your logic, surely his appreciation of the elegant and responsive interior of the 2025 E-class would instantly transform him into a Manchurian candidate loyal only to the whims of Mercedes-Benz AG and the Chancellor of Germany, in that order. Article content Perhaps your next ethical disclosure should uncompromisingly litigate everything that has ever given Mr. Carney joy or satisfaction of any kind. Did he once enjoy a matinee screening of Ladri di biciclette? Watch out; because that surely means he'll sell us out to Italy at the first opportunity.
