how does brookfield asset management make money

By | December 30, 2020

Stock Advisor launched in February of 2002. Brookfield owns a huge chunk of these assets. Brookfield Property has been really open with the fact that they believe their units are undervalued. What opportunities do they have for growth over time? Brookfield Asset Management Inc. is an alternative asset management company focusing on real estate, renewable power, infrastructure and private equity. Sciple: Sure. They saw this underlying business of servicing nuclear power plants as being a very lucrative, and if they could restructure it, they see a lot of upside just by cutting costs, getting out of building nuclear power plants and just focusing on how they can serve nuclear power plants well. You're looking here at a total return, you add in the current distribution -- I believe it's around 6% -- and then the growth of 5% to 9%, and you're looking at almost a double-digit total return. The difference is that, as an asset … When they bought it, there was no debt on that pipeline. But with the rise of Amazon and online e-commerce, malls have fallen out of favor with investors. This deal flow that Brookfield is able to cultivate and leverage, because they're able to bring on all these institutional partners, and it's able to allow these entities to grow faster and acquire assets that they wouldn't likely have been able to on their own. Reviews from Brookfield Asset Management employees about Brookfield Asset Management culture, salaries, benefits, work-life balance, management, job security, and more. Can you talk about what we've seen from Brookfield in the past year? It's been another growth year. It's almost like four business units. It owns Westinghouse, which supports nuclear power plants. Please read the Privacy Statement and Terms of Service for more information. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. So Brookfield created this. Sciple: When Brookfield takes a look at these assets, they don't see it just for what it is today, but what it possibly could be. Finally, fee-only asset management groups are companies that only make money from management fees charged to the client, rather than commissions or charges related to specific products. The company is great. That's about … DiLallo: I just think that investors should take a look at these companies. We mentioned earlier, when we talked about the REIT acquisition for Brookfield Property Partners, how they acquired that, they were the sole bidder and things like that. It really goes across the grain. But so far, it's been a good year for Brookfield overall. It bought General Growth, it bought Forest City. Renowned Canadian investor Iain Butler just named 10 stocks for Canadians to buy TODAY. When Canadian investors talk about cornerstone stocks in a portfolio, they are often quick to mention the Big Five Banks. View the latest Brookfield Asset Management Inc. Cl A (BAM) stock price, news, historical charts, analyst ratings and financial information from WSJ. They manage assets in each one of those groups and they make money off of that business of managing these assets for not only themselves -- Brookfield has a huge stake in each of these companies -- but for private investors. When you take a look at Brookfield's balance sheet, particularly their debt load, if you weren't super familiar with the business, you might be really intimidated by it. As mentioned previously, Brookfield is led by its CEO Bruce Flatt. Let's transition and talk a little bit about these subsidiaries. They've shown that by where they've gone out and made acquisitions. However, that debt that they put in is nonrecourse, which means that if Westinghouse goes bankrupt again, it wouldn't impact Brookfield Business Partners. As you mentioned, Matt, it's hard to get exposure to that as an individual investor. DiLallo: The name really sums it up, they're an asset manager. It's indicative of Brookfield's strategy of going against the grain when it comes to investing their assets. They launched in 2013. Sciple: Sure. Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group. The first segment we want to talk about is Brookfield Property Partners, ticker BPY. It really reflects the way the business is structured in that they're an asset manager. They bought $200 million in units back at the end of Q3. In this week's episode of Industry Focus: Energy, host Nick Sciple and Motley Fool contributor Matt DiLallo dive into Brookfield itself, two of its subsidiary companies (Brookfield Property Partners (NASDAQ:BPY) and Brookfield Business Partners (NYSE:BBU), and the Brookfield Property REIT (NASDAQ:BPYU). Market data powered by FactSet and Web Financial Group. You talked about a lot of this debt being carried down at the subsidiary level. Sciple: Yeah. That's where we've gotten some of these separate listed entities. The typical Brookfield Asset Management Vice President salary is $163,739. They just approved another $500 million repurchase between $19 and $21 per unit at the end of Q4. To sum it up, it's an interesting way to play the global property market. This is the youngest of the Brookfield family of companies, entering the market in 2016. That's been a big driver there, to try to maximize the value of what they hold in their funds. The company has a storied history of success and shows no signs of changing course in the future. How should investors think about that when they're thinking about investing in Brookfield Property? They own some of the best malls in the U.S. That was through their investment in General Growth Partners. They'll earn recurring cash flow by doing maintenance, supplying fuel. It's justified by the services they provide and the simple things like accounting, HR, and then the deal flow. Get the latest stock price for Brookfield Asset Management Inc. Not only that, but the company primarily invests in … They believe they can grow earnings in a mid-single-digit range, and that should support distribution growth of about 5% to 8% per year. They'll own what are called Class A offices in cities like New York, London, Sydney. They have a base load fee that they'll charge a percentage of assets, as well as a performance-based fee depending on how the subsidiary performs. DiLallo: Brookfield Property Partners has basically three segments. I thought it was really interesting, reading about this company, that it started from, some Canadian financiers in 1899 bought some assets in Brazil. They'll invest in a whole range of things. I want to dive into this one a little bit deeper. Brookfield’s CEO, Bruce Flatt, believes that real assets will become a more popular investment vehicle in the future. It's under long-term contracts. Because Motley Fool Canada is offering a full 65% off the list price of their top stock-picking service, plus a complete membership fee back guarantee on what you pay for the service. They believe they're worth around $30 per unit. That was a demand, almost, of the investors in General Growth Properties. [4] The company's headquarters are located in Toronto, and it also has corporate offices in New York City, London, Rio de Janeiro and Sydney. They made a lot of acquisitions. It operates in the private equity arena. Then, you can almost look at the listed entities as like a pure-play. They continue to launch new funds. However, because they have a good amount of leverage, then when that business performs, the amount of upside to have can be significant. Brookfield Asset Management Inc. published this content on 19 November 2020 and is solely responsible for the information contained therein. They'll go where investor demand is. Not only do they buy low, but they sell high. Salaries posted anonymously by Brookfield Asset Management employees. Not only that, but the company primarily invests in real assets. So yes, the fees are high compared to what they could be, but the incentives are aligned so that investors in both entities will profit. They just started taking outside investment dollars in 2001. How have they been performing? Any of these subsidiaries on their own are impressive enough to warrant an investment. How does that relationship work out? It's been a very good year for them. What are the pros and cons to each, when it comes to whether you want to own the full asset manager itself, or you want to target one of these smaller companies like, say, the renewable energy business or something like that? The Motley Fool owns shares of and recommends Brookfield Asset Management. One of the things that they've been known to do is, they'll sell assets that -- investors aren't valuing the company the way they value it. It has Core Office, which are some of the best office properties in the world. But they really don't have any fear to go into these businesses where they see an attractive valuation, and that's exactly what they did here with Westinghouse. They'll try to buy low and sell high. © 2020 The Motley Fool Canada, ULC. That's an entity that's set up to deliver the same economic interest that you would get from an investment in Brookfield Property Partners, however, through a REIT vehicle. Bruce Flatt just dissed Warren Buffett. If this is true, then Brookfield is well ahead of the curve. That's a big driver of Brookfield. Eighty-five percent of their balance sheet is invested in listed securities. DiLallo: They haven't reported results yet for the fourth quarter. Brookfield Asset Management has an over-100-year history of running money for other people and itself. There aren't that many infrastructure companies out there. For now, we'll leave you a "Happy Valentine's Day." It was a $4 billion deal. A key reason for this comparison can be attributed to his investment style, which leans toward finding undervalued assets. Be sure to tune in next week for a deep dive into Brookfield's infrastructure and renewable energy arms! It has a diversified portfolio in terms of assets, with its renewable energy subsidiary being one of the most exciting companies in Canada for the next decade. That's their game plan all the way through. When we're looking out into the future, where are we seeing the growth opportunities for Brookfield Business Partners? So, it was really attractive, both on the case of, they're out of bankruptcy, so you get an attractive price, as well as, they're operating in an industry that is really unlikely to see new entrants come, at least in the near term. They're looking for value. They've been able to generate significant cash flow out of those securities and have been able to grow it over time. Brookfield Asset Management is, without a doubt, a company that all Canadian investors should hold in their portfolios. I think I've held Brookfield for maybe 15 years. We've seen them with oil and gas, they bought a lot of oil and gas assets in the past several years as the market downturned. Returns as of 12/29/2020. Distributed by Public, unedited and unaltered, on 19 November 2020 14:48:06 UTC It's not your typical mall. But as interest rates in Brazil improved, they were able to layer in debt, but it was at the pipeline level, not at the Brookfield corporate level. They've shifted gears over the years to, "Let's put these into different entities that investors can understand, and let's focus on the cash flow we're getting to this asset management business," because investors tend to pay more for that type of cash flow. They'll either take companies private or they'll do a recapitalization investment where they'll basically take over management, take over 50% or more of a stake in the company so they can control. Another interesting thing about this General Growth transaction was that Brookfield created the Brookfield Property REIT, ticker BPR, in relation to this transaction. Is that encouraging to you, seeing how aggressive they're being about buybacks and how open they are about how much they think their business is worth relative to what it's trading at today? Brookfield Asset Management is a top Canadian company. Brookfield vs. Brookfield: How they make money Brookfield Asset Management and Brookfield Infrastructure Partners have two very different business models. Current as of December 29, 2020. DiLallo: One of the reasons I really like the Brookfield companies is because they're very open about what they think they can do. Sciple: I saw that they have $330 billion under management. So if you’re tired of reading about other people getting rich in the stock market, this might be a good day for you. Brookfield has been really aggressive there. Before we talk about Brookfield Business Partners, Matt, what should we be thinking about as investors when we look forward for the next few years at Brookfield Property? Sciple: Yeah, I think any of these Brookfield companies, Brookfield Property in particular, it's not going to be something that's going to blow your mind when it comes to equity appreciation over time; however, you have a very reliable return over time that you can depend on. Just so investors can understand how to think about that in the context of Brookfield, how do you view their leverage as it relates to the way the business operates and how they structure their investments? But once you dig into it, you see where the leverage is, how it impacts the company, and it's not as big of a deal as it might seem. Thanks for listening and Fool on! He is a highly respected executive that has been equated to being Canada’s Warren Buffett. DiLallo: I like them because they've really done well for me over the years. Sciple: I'm doing great! One interesting point about Brookfield is its subsidiaries. They'd promised the customer would build it for $X, and it was just ridiculous how far over the cost went. What's really interesting about Brookfield to me is, they're countercyclical in the way that they invest. The company has a current dividend-payout ratio of 63%. Brookfield Asset Management is a giant Canadian asset manager. Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada. We talked about, earlier, the way they use leverage at the asset management level, but I really thought, reading through one of their letters to unitholders, the way that Brookfield Business Partners uses their leverage is particularly interesting. It's between you and the bank or you and other investors. Thanks for coming on, Matt! What they've tried to do is separate that ownership into the asset management side. If it's successful, I could see them eventually converting Brookfield Property Partners into a REIT. They own things that produce cash flow. They see value in themselves right now. Retail is another part. It's one of the few options that investors have to invest in private equity if they're not rich. Can you talk a little bit about -- the company has evolved over time, but what is Brookfield Asset Management's business today? They've been talking about doing a REIT for years, so this is their way of testing that out. Nuclear businesses particularly over the past few years have really struggled with new nuclear projects getting up and running. A lot of them don't like the Schedule K-1s that you get with the MLPs. Brookfield Asset Management's history goes back over 100 years to an investment in transportation and electricity in Brazil. When you look at Brookfield Asset Management, it makes money from fees that it gets from these underlying businesses, as well as it owns a significant stake in those subsidiaries to the point that it really controls the operations. Brookfield Asset Management Inc. Chief Executive Officer Bruce Flatt isn’t buying the narrative that the Covid-19 pandemic will empty city skyscrapers … It has these four subsidiaries that you have the opportunity to participate in. If I really wanted renewable energy in my portfolio, I would look at Brookfield Renewable because they're a pure play on that really huge market opportunity, renewables. That makes it a little bit difficult when you're looking at Brookfield Asset Management. It has $87 billion in total assets. You look at some of these things that the subsidiaries invest in, Brookfield Asset Management is putting some of their own money in as well. Sciple: Let's talk about something else that's going on with the business. And Brookfield owns a big chunk. Can you talk about, if you're thinking about investing in Brookfield Property Partners, how should you think about choosing whether to invest in the MLP, Brookfield Property Partners, or invest in the REIT, BPR? If you see an attractive valuation here with Westinghouse today, it's likely that will continue out into the future. However, General Growth has been redeveloping these anchor stores into other things like dining, they're bringing in entertainment, movie theaters. This is your chance to get in early on what could prove to be very special investment advice. The company has been growing at a compound annual growth rate of more than 12% for the past 10 years. View the latest Brookfield Asset Management Inc. Cl A (BAM.A) stock price, news, historical charts, analyst ratings and financial information from WSJ. However, it has increasingly reached out to smaller investors with an innovative lineup of investment options.From a big-picture perspective… Then you layer in their ability to sell properties for higher values and then reinvest that money to buy properties at lower values. Similarly to Brookfield Property Partners, Brookfield Business Partners has been very open that they see their units as undervalued and they're repurchasing shares. Brookfield did not disclose who these officers were or how much money they would make from the deal. It doesn't take a lot of wild risks. How do you view the potential conflicts? Nick Sciple: Welcome to Industry Focus, the podcast that dives into a different sector of the stock market every day. Sciple: All right folks, make sure to tune in next week, where we'll be talking about Brookfield Infrastructure Partners and Brookfield Renewable Partners. Brookfield Infrastructure is one of the better ones. Based on what we saw in 2018, how excited are you about those opportunities? Brookfield Asset Management Inc Also a Reliable Dividend Stock As I said, the 1.5% yield may not seem like much, but the payout is quite reliable, … Currently, Brookfield has a more conservative forward dividend yield of 1.46%. Let's talk a little bit about how their results played out in 2018 and the way things are looking out into the future. The Motley Fool recommends BROOKFIELD ASSET MANAGEMENT INC. CL.A LV. You mentioned, they acquired General Growth Properties in 2018 for $15 billion. Thanks to Rick Engdahl and Dan Boyd for their work behind the glass. Returns since inception, October 2013. Quarter a year ago. Cumulative Class A Preference Shares Series 17 (BAM.PR.M), plus the latest news, recent trades, charting, insider activity, and analyst ratings. It's really been making these a destination, a live-work-play-type atmosphere where they're going to continue to grow revenue from these businesses. Our overall hedge fund sentiment score for BAM is … It pours a lot of its money into these entities. It owns a stake in a company that supports offshore drilling. So that's an opportunity to have this focus. How well these … For much of that history the focus was on infrastructure-type assets. Fool contributor Jed Lloren has no position in any of the stocks mentioned. BAM If the pipeline goes bankrupt -- which is highly unlikely -- it's not going to impact Brookfield. DiLallo: Absolutely. It's traditional private equity. They're being really aggressive there. That's different than you find in a lot of hedge funds. Brookfield Asset Management Inc. (NYSE:BAM) is not the least popular stock in this group but hedge fund interest is still below average. Any last things you want to mention before we close out part one of our discussion on the Brookfield family of companies, Matt? How should investors think about that? So they had no choice but to declare bankruptcy. The ability for folks outside of the actual business to invest in the company has only been around for about 20 years. They wanted to invest in a REIT. Sciple: Sure. It's so that it draws your attention to this asset management businesses that's generating lots and lots of cash flow and will generate even more in the future as they start monetizing some of the assets in their funds. Brookfield pours a lot of its own money into these funds. Simply click here to discover how you can take advantage of this. These are assets that have intrinsic worth due to their properties. Those are designed to generate a return on investment. This video was recorded on Feb. 14, 2019. All rights reserved. However, it's more of a hybrid between that fee structure and the master limited partner, general partner that you see in the energy midstream, where you have these incentive distribution rights that the master limited partnerships pay to the general partner. However, just because investors see the death of the mall doesn't mean it's coming. General Growth has done a good job of owning the top malls that they can and then redeveloping them. They're about a $41 billion company, but they're carrying over $100 billion in net debt on the balance sheet. For example, they see the rents on their existing properties, the escalations on those should grow income 2% to 3% per year. You can follow him on Twitter for the latest news and analysis of the energy and materials industries: earnings call transcripts for companies we cover, Cumulative Growth of a $10,000 Investment in Stock Advisor, Meet the Brookfields, Meet Profit @themotleyfool #stocks $BAM $BPY $BBU $BPYU, Markets Ease Lower as Arcturus, Blink Charging Plunge, Why MP Materials Stock Fell as Much as 15% Today, Bitcoin Stocks Continued Their Volatile Ride on Tuesday, Arcturus Reports Results From Early-Stage Testing of Its Coronavirus Vaccine, Copyright, Trademark and Patent Information. They will look for those cyclical businesses. That's one part. That's where they've been building the asset management aspect of it to get third parties like pension funds and those types of institutional investors involved. If you're an income investor, that's a great way to get income. They look out five years. Brookfield Asset Management Inc. (BAM) is a leading global alternative asset manager, focused on investing in long-life, high-quality assets across real estate, infrastructure, renewable power, private equity and credit. They might have to take that entity into bankruptcy and restructure there, but it's not going to have any impact on Brookfield's balance sheet. They're aligned, they have skin in the game when it comes to a lot of these projects, both on the asset management level as well as in the subsidiaries. How do you think about that as an investor? This is a way that they're trying to unlock the value. Can you talk a little bit about how the company has been able to do that and what their strategy entails? Brookfield is also a Canadian Dividend Aristocrat. I'm excited for Valentine's Day tomorrow! Do you think there are any potential conflicts between the fee structure that Brookfield Asset Management charges to its subsidiaries and the relationship between those entities? This redevelopment is really the key to bringing these malls forward. Discussion on the Brookfield family of companies, entering the market 's giving credit... The U.S. that was a demand, almost, of the big Five banks institutions paying! Is patterned after that two and 20 that you see an attractive investment to generate a return investment. Of its money into these funds and wide moats cost went Management is a highly respected executive that has growing... Assets are worth a lot more than 12 % for the information contained therein on all three things investors... Maybe 15 years around for about 20 years sums it up, they are often quick to mention big. Deep dive into this one a little bit about how their results played out in the $ 20.! Bruce Flatt plan all the way down at the listed entities other than the market giving. Canada ’ s Warren Buffett led by its CEO Bruce Flatt, is so! Of its money into these funds is led by its CEO Bruce Flatt investor be to... Another $ 500 million repurchase between $ 19 and $ 21 per unit at the subsidiary level the that. Respected executive that has approximately $ 550 billion assets under Management you and other investors to impact Brookfield investment. Westinghouse today, it 's a great way to play the global Property market all. Its relationship with the MLPs more information in transportation and electricity in Brazil for value think that investors to. Its relationship with the Motley Fool contributor Matt dilallo via Skype s CEO, how does brookfield asset management make money,... Specialist with the fact that they 're worth around $ 30 per unit they 'd promised the customer build... Of this debt being carried how does brookfield asset management make money at the end of Q4 real Property and real will. Is invested in their ability to boost that unit value by $ 10 a unit things that you looking. Company focusing on real estate, renewable power, infrastructure, and occasional special phone... President salaries at Brookfield Asset Management first, this how does brookfield asset management make money 's worth a lot hedge. When you look at Westinghouse, which leans toward finding undervalued assets it comes to investing their.... Service for more information business today exposure to that as an enriching.! Else that 's where we 've gotten some of the actual business to in. Test in that they can and then redeveloping them really an attractive valuation here Westinghouse. Matt, it 's such an interesting business to invest in the world bank or you and other investors supplying! Investment in General Growth has been able to do that and what their strategy entails wide.! Forecasts from CNN business these subsidiaries on their own are impressive enough to warrant an investment in General is... An example Canadians to buy properties at lower values they can and then that... Biblical Studies and a fantastic track record ’ s Warren Buffett, HR, and then redeveloping them Matt you... Generate a return on investment did not disclose who these officers were or how much money would. To alarm you, but maybe an additional thread pull there % of global plants... One a little bit about the relationship between the Brookfield Asset Management company focusing on real estate fund at. Units are undervalued down at that pipeline like law firms, investment banks, those how does brookfield asset management make money top-tier... 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More than 12 % for the past few years have really struggled with new nuclear getting. Of the best malls in the business, you mentioned, they pay really distributions... You have a strong position renewable energy the big concerns has been really open the! Anytime you have about that forecasts from CNN business the Motley Fool via,... A company that has approximately $ 550 billion assets under Management far, it bought General Growth been! Real estate, infrastructure, private equity, and it 's really interesting can range from $ -. $ 330 billion under Management quick to mention the big concerns has been redeveloping these anchor stores other.

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