Brookfield Corporation successfully completes the distribution of a 25% stake in its asset management business | Daily News Byte

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BROOKFIELD, NEWS, Dec. 09, 2022 (GLOBE NEWSWIRE) — Brookfield Corporation (NISE: BN, TSX: BN) (the “Corporation”) and Brookfield Asset Management Ltd. (NISE: BAM, TSX: BAM) (the “Manager”) today jointly announced the completion of the public listing and the distribution of 25% shares in the Corporation’s asset management business, through the Manager, through a plan of arrangement (the “Arrangement”).

The corporation changed its name from Brookfield Asset Management Inc. at Brookfield Corporation, and from today and at the market open on December 12, 2022, its shares will trade under the new symbol “BN” on both exchanges. The manager’s name is Brookfield Asset Management Ltd. and was successfully listed on the New York Stock Exchange and the Toronto Stock Exchange. At market opening on December 12, 2022, its shares will trade under the symbol “BAM” on both exchanges.

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Shareholders can now access the leading global alternative asset management business through the Manager. The Corporation will continue to focus on deploying capital in its operating businesses, increasing cash flows and increasing long-term capital.

About Brookfield Corporation

Brookfield Corporation (NISE: BN, TSX: BN) is focused on deploying its capital on a value basis and its long-term growth. This capital is deployed across our three core pillars of asset management, insurance solutions and our business. Using a disciplined approach to investing, we leverage our deep expertise as owners and operators of real assets, as well as the scale and flexibility of our capital, to create value and deliver strong risk-adjusted returns across market cycles. With substantial capital supported by a conservatively capitalized balance sheet, Brookfield Corporation is well positioned to pursue significant growth opportunities.

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Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and can also be found in the investor section of its website at https://bn.brookfield.com. Hard copies of the annual and quarterly reports are available free of charge upon request.

For more information visit our website at https://bn.brookfield.com or contact:

About Brookfield Asset Management

Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $750 billion in assets under management across real estate, infrastructure, renewables and transition, private equity and credit. We invest client capital for the long term with a focus on real assets and core services that form the backbone of the global economy. We offer a range of alternative investment products to investors worldwide — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We rely on Brookfield’s legacy as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

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Please note that Brookfield Asset Management’s returns and reports will be filed on EDGAR and SEDAR and may also be found in the investor section of its website at https://bam.brookfield.com. Hard copies of the annual and quarterly reports are available free of charge upon request.

For more information visit our website at https://bam.brookfield.com or contact:

Forward-looking statements

Information in this press release that is not a historical fact is “forward-looking information.” This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the US Securities Act of 1933 ., the US Securities Exchange Act of 1934 and the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in all applicable Canadian securities regulations.
Forward-looking statements are commonly identified by words such as “expect,” “anticipate,” “believe,” “anticipate,” “could,” “estimate,” “target,” “intend,” “plan,” ” seek”, “strive”, “will”, “can” and “should” and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on perceptions of historical trends, current conditions and expected future developments, of the Corporation and Manager, as well as other factors that management believes are appropriate under the circumstances. The estimates, beliefs and assumptions of the Corporation and the Manager are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such are subject to change. Neither the Corporation nor the Manager can give any assurance that such estimates, beliefs and assumptions will prove to be correct.

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This press release contains forward-looking statements regarding the expected future attributes of the Corporation and the Manager following the completion of the Arrangement; and statements reflecting management’s expectations regarding the business, operations, financial condition, expected financial results, performance, prospects, opportunities, priorities, goals, objectives, ongoing objectives, strategies and prospects of the Corporation and Manager. Factors that could cause actual results, performance, achievements or events to differ materially from those anticipated or implied in the forward-looking statements include, but are not limited to: (i) investment returns that are less than target; (ii) the impact or unforeseen impact of general economic, political and market factors in the countries in which the Corporation and the Manager operate, including as a result of COVID-19 and related global economic disruptions; (iii) the behavior of financial markets, including fluctuations in interest rates and exchange rates; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to achieve expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) ability to manage human capital appropriately; (viii) the effect of implementing future accounting changes; (ik) business competition; (k) operational and reputational risks; (ki) technological changes; (kii) changes in government regulations and laws in the countries in which the Corporation and the Manager own, operate and manage assets and operations; (kiii) government investigations; (kiv) litigation; (kv) changes in tax laws; (kvi) ability to collect owed amounts; (quii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (kviii) the possible impact of international conflicts and other developments, including acts of terrorism and cyber terrorism; (kik) introduction, withdrawal, success and timing of business initiatives and strategies; (kk) failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (kki) health, safety and environmental risks; (kkii) maintaining adequate insurance; (kkiii) risks specific to the Corporation’s operations, including asset management, real estate, renewable energy and transition, infrastructure, private equity and housing development businesses and risks specific to the manager’s asset management; (kkiv) the existence of informational barriers between certain jobs within managers; and (kkv) factors detailed from time to time in documents filed by the Corporation and the Manager with securities regulators in Canada and the United States. Other factors, risks and uncertainties not currently known to the Corporation and the Manager or that the Corporation and the Manager believe are not material may also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information. Readers are cautioned not to place undue reliance on the forward-looking statements included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. The Corporation and the Manager disclaim any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.