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Brookfield Asset Management’s Q1 2019 Investor Letter

Brookfield Asset Management is an alternative asset manager that owns and manages assets across 30 countries around the globe, mainly focusing on renewable energy, real estate, private equity, and infrastructure sectors. It has more than $365 billion in assets under management. Its CEO is Bruce Flatt, who joined the firm in 1990. Recently, Brookfield Asset Management released its Q1 2019 Investor Letter, a copy of which you can track down below, while we bring you one small part from it.

“Overview

During the first quarter we were active on many fronts, including closing a number of transactions announced last year. We also committed to acquire a hospital operating company in Australia for $4 billion, completed the acquisition of our Clarios (formerly Johnson Controls Power Solutions) battery solutions business for $13 billion, and agreed to acquire a $1.5 billion mixed-use office complex in central Shanghai. Lastly, we announced an asset management partnership with the founders and management of Oaktree Capital Management to take the company private in a joint venture for $4.8 billion.

Results for the quarter were excellent, in particular when adjusting for one-time items last year. We reported $1.1 billion in FFO or $1.04 per share. Net income was $1.3 billion in total for the quarter.

Fundraising remains strong. We closed our $15 billion flagship real estate fund and continued closes in our flagship private equity fund and our long-life real estate and infrastructure funds. We also expect to reach a first close of approximately $14 billion in our flagship infrastructure fund shortly, which will be our largest infrastructure fund raised to date.”

You can download a copy of Brookfield Asset Management’s Q1 2019 Investor Letter here:

bam-q1-2019-ltr-to-shareholders

You can also see the list of our 2019 Q1 investor letters and download them on this page.

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