Brookfield Asset Management has appointed Connor Teskey as its new CEO, succeeding longtime leader Bruce Flatt. This change marks a significant moment in the company’s leadership transition, which has been anticipated for some time.
Leadership Transition at Brookfield
Connor Teskey, 38, previously served as president and has been overseeing the daily operations of the $1 trillion asset manager since 2022. His promotion to CEO is effective immediately, and he will continue to lead Brookfield’s renewable energy initiatives.
Bruce Flatt’s Ongoing Role
Bruce Flatt, who has been at the helm of Brookfield since 2002, will remain as chair of the asset manager’s board and will also serve as CEO of Brookfield Corp., its parent company. Flatt publicly indicated Teskey’s succession as early as 2024, affirming that preparations for this transition have been in place for four years.
Strategic Vision
Both leaders have expressed optimism about the market, stating that they see a “broadly constructive investment environment.” Key trends driving investment demand include advancements in artificial intelligence and digitization.
Financial Performance Highlights
- Brookfield recently experienced its best fundraising quarter, raising $35 billion in the last three months of the year.
- Of this, $23 billion was directed towards the company’s credit business.
- Total funds raised for the year reached $112 billion.
- During the fourth quarter, Brookfield made new investments totaling $13 billion, contributing to an annual total of $66 billion.
- The capital base earning fees rose by 12% to $603 billion.
- Fourth-quarter profit was reported at $615 million, down from $680 million year-over-year.
- Fee-related earnings increased by 28%, reaching $867 million.
- Distributable earnings, an important metric for shareholder cash potential, rose 18% to $767 million.
Dividend Increase
Brookfield also announced a 15% increase in its quarterly dividend, raising it to 50.25 cents per share. This move reflects the company’s strong performance and commitment to returning value to shareholders.
As Connor Teskey steps into his new role, he is positioned to lead a group of young executives at Brookfield, ensuring the company remains adaptable and innovative in an evolving investment landscape.
