NEW YORK, NY— March 27, 2012 – Brookfield Investment Management Inc. (Brookfield) has announced the planned internalization of operations and management of its global real estate and infrastructure securities equity strategies.
These strategies are currently managed by AMP Capital Brookfield Pty Ltd (ACB), a specialized investment manager owned equally by Brookfield and AMP Capital Investors Limited (AMP Capital). Since 2009, Brookfield and AMP Capital have collaborated to develop and manage ACB’s current equity platform for the benefit of both companies.
Following a strategic review of ACB’s business model and after giving consideration to the significant maturation of each company’s investment management and distribution capabilities, Brookfield and AMP Capital have mutually agreed to conclude their partnership effective March 31, 2012. Moving forward, Brookfield will internalize the operations and management of its equity platform, retaining all Brookfield client relationships and investment staff. Each of the global portfolio managers of ACB’s equity strategies will remain in their current roles with Brookfield.
Mr. Kim Redding, Brookfield Investment Management’s Chief Executive Officer, said, “We are pleased to announce the next phase in the evolution of our investment management business. In recent years, we have strengthened our team, expanded our product offerings, and opened new distribution channels throughout the world, all while generating strong investment returns for our clients. As we seek to build upon this track record of success, we thank AMP Capital for their partnership and look forward to the promising future that awaits Brookfield Investment Management.”
Mr. George Myhal, Senior Managing Partner of Brookfield Asset Management said, “The success of our real estate and infrastructure equity business is an important strategic focus for Brookfield as clients continue to favor real assets in their asset allocation decision-making. This exciting new chapter will strengthen our position as a leading global investment manager and provide enhanced opportunities for future growth.”
Brookfield is a global alternative asset manager with approximately $150 billion in assets under management as of December 31, 2011. We have over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. We offer a range of public and private investment products and services, which leverage our expertise and experience and provide us with a distinct competitive advantage in the markets where we operate. On behalf of our clients, Brookfield is also an active investor in the public securities markets, where our experience extends nearly 40 years. Over this time, we have successfully developed several investment operations and built expertise in the management of institutional portfolios, retail mutual funds, and structured product investments. Through our SEC-registered investment advisor, Brookfield Investment Management, our public market activities complement our core competencies as a direct investor. These activities encompass global listed real estate and infrastructure equities, corporate high yield investments, opportunistic credit strategies and a dedicated insurance asset management division. Headquartered in New York, NY, Brookfield Investment Management maintains offices and investment teams in Toronto, Chicago, Boston and London.
Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws and applicable regulations and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The words “plan,” “will,” “seek,” “future,” “focus,” “continue” and “growth” and other expressions are predictions of or indicate future events, trends or prospects or identify forward-looking statements. Forward-looking statements in this news release include statements with respect to our plan to internalize operations and management of our public securities equity strategies, the future prospects of Brookfield Investment Management, our focus on our real estate and infrastructure equity business and our opportunities for future growth. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include the following: economic and financial conditions in the countries in which we operate; the behavior of financial markets, including fluctuations in interest and exchange rates; availability of equity and debt financing; strategic actions; our ability to attract and retain suitable management; and other risks and factors detailed from time to time in the form 40-F of Brookfield Asset Management Inc. (“Brookfield”) filed with the Securities and Exchange Commission as well as other documents filed by Brookfield with the securities regulators in Canada and the United States, including Brookfield’s most recent Management’s Discussion and Analysis of Financial Results under the heading “Business Environment and Risks.”
We caution that the foregoing factors that may affect future results are not exhaustive. When relying on our forward-looking statements to make decisions with respect to Brookfield, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, as a result of new information, future events or otherwise.
For more information, please contact:
Ms. Heather Goldman
Managing Director, Global Head of Marketing and Business Development
+ 1 (212) 417 2511
Ms. Alice Olive
+1 (212) 549 8457