Brookfield Asset Management (BAM) 10 Feb 222021 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Brookfield Asset Management Fourth Quarter 2021 Results Conference Call. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker, Ms. Suzanne Fleming, Managing Partner. Please go ahead.

good and operator you, morning everyone. Thank Brookfield’s call. to fourth quarter conference year full XXXX and Welcome

remarks, call transition will are and analyst turn more our will we the ask an asking Transition a accommodate than Goodman, from formal on and Director want After Natalie On business we today results, the questions. take ask our you financial who Group. to our time. to Officer, Chief in will by off finally, our call and Chief and strategy. Nick two Bruce Executive to update will give operating order over Financial by Power all questions the those followed refrain a that discuss questions, Officer, Renewable Natalie our update operator start Managing Bruce Adomait, In & Flatt, giving at our who Nick,

future the statements, are subject of These to known meaning forward-looking statements and to statements. unknown Securities They queue to responding may events. the and If time events you and trends and relate results rejoin and please financial will like to in today’s from historic the you that events at such applicable including make new discussing in and we U.S. questions forward-looking questions we our operating additional and remind in statements Canadian and may happy additional comments, future have differ end I performance, of any would predictions including and be to permits. within questions, laws. initiatives reflect as do materially take risks not and

will on Canada on the our with these call to U.S. the and on the And I risks securities Bruce. over turn available impacts our please company, see in information filings website. that, information further the and with regulators our and their For potential

earnings for associated and $XX.X of the performance Suzanne distributable driven common for and sales, billion $XX were inflows $XX record BAM. which with $X.X carry billion. earnings, of reported income call. net of investments capital everyone strong strong you, $X billion of We billion booked Thank where Results total results welcome on by $XX billion and of and and received to year, the billion clients we billion our $XX from gains, principal assets came for fee-related and of gains shareholders from

policy As XXXX, volatility in monetary any we sectors of markets, not at in way. us bank the did mostly has enter central multiples. high major normalization the trading Those in affect caused

that will view general healthy Our is likely and this been has create opportunity. re-rating a

with and of most a we on still business rates revenues, so the relative our positive with of are businesses. low interest very a stay inflation basis positive backdrop for seeing our time, For expected some to combined for

aligned investment our offerings asset Our capital, attract large around continuing is themes. business management with amounts several product positive global of to

Our underlying strengthen generating to positioned businesses of inflation recession. growth. linked coming economic many operations our to flows the benefit continue from out of And cash were with

positioned. well are We

in Turning now a initiatives, strategic that year regard. XXXX busy to our was

number BAMR. we our National, of and committed heading is us just close will we First to team off, insurance American started. reinsurance in we the provide billion coming total, U.S. agreements and we American and origination towards AUM a a capabilities. with completed months. and business direct insurance In which us reinsurance out National platform of are that, getting give $XX establishing to paired the acquire to spun Subsequent expect

discounts Real value. in to In the of we world. their of estate we market privatized estate prime properties highest and one Second, the in our in fair fact quality the are were securities real portfolios still short, trading business. own at

not. are participate offered ability BAM. in other private shareholders the hand, were markets the On BPY to

the purchase returning In the is to multifamily other pre-pandemic plans ours. gain annualized out York of a sold A of – now office capital and our markets and to completed now a X City it the we to across laid own In X.Xx it, XX% agreement last we a signed a privatization which a for dramatically representing private the of estate of be $X.X is with recently turned a for started is sciences, of in New improved asset property towers. office with we One and in $XX the industrial win-win. To-date, turned follow. everyone. the life has complex an in billion, in IRR at multiple it. sectors private where sectors. growth these tone sell this liquidity estate values to we rest and year, portion we on at view example of stake time, Manhattan that to last now followed We representing accordance We is The like has variety of started you the which market billion in since levels. in of good XXXX, real above in was West, XX% is year price by So with $X out a way phenomenal a tower approximately realized recently real billion gain recovery sales, the a

provide in compounding stake that We long-term property flows retaining the will forward. with cash to are us also a going controlling continue

to to more strategically the unlock continues and to recovery select elsewhere. our in deployed monetize, pace, be are value assets real further as well-positioned So, we gather estate

shortly. net today into rebrand fund you details expand in culminated more is renewables Our close a for fund investing initiative will provide repackage, which large Adomait and that. to a $XX on third transition our was to to for strategic zero. here This strategy billion Natalie at

a initiative evolve. management financial asset our as review strategic of was business our overall the markets last of structure Our

become globally, in our annuity we growing flows. duration years, diversified fact of noted with XX As the past the end letter, that have and year very largest cash the most fastest managers over combined we one life long have

separated seemingly its environment managers, separate asset-light owns from asset be it therefore the may to our of the Our it the our part offer investors separate could that a rest makes and In market capital. manager security scale our out capital. manager prefer is that sense manager of from now a of

based businesses today. business. management and wish those part growth manager, the on could new pure-play in for have our addition also billion. the backdrop comparable range this $XX the in in valued asset our billion valuing asset-light If possibly the to of invested alternative For security our and open This ease we that the provide separate for of is of a $XX asset-light managers of capital $XXX we overall simplicity to business, up investment be should for billion managers, that net options multiples increase

our annualized an XX% of XX know, all business has you for in compounded As return years.

from to Our to and value ensure care to unlock take continue shareholders. well, we time-to-time job all for is our clients, our invest structure review always of

We on as move will report this we along.

will over always, As financial to you tell Nick the I your results. call thank that, to about you with turn support. And for our

and Bruce you, good Thank everyone. morning

So, due in businesses. share compares DE billion share strong compared had income $XXX we $X.XX in DE to in income with and net to billion million our financial was net for net $XX.X excellent results Distributable income and year, the this The across or record the a the $X.XX $X.X performance both or operating of financial $X.X a of XXXX. billion and uplift to or were earnings, year year. for prior

our of by billion. of inflows strong supported Our record levels the its billion of asset the growth $XX continued $XXX flagship of with XX% as well offerings. ended with capital, the our by supported of trajectory manager many scaling of year. fundraising, an total from were of product the We fee-bearing as prior increase continued year Inflows complimentary success funds

the strategy been fund $XX committed invested capital in we With fund and our already we have or raise final During approximately successful deploying opportunistic billion this latest the a for largest attractive XX% close the ever for year, at held today. returns. for this credit

And funds on fourth close $XX two with our those transition for to-date. have in we our billion shortly will billion aggregate fund. fund, for estate real raised $XX flagship We combined

are accelerated we launched expect And in our result, growth for we to flagship also recently flagship which cost couple introducing we million quarter a the also of a investments and seen in needs, six give had of meet fundraising fifth $XXX vintage equity as examples, final fund, and clients’ on be pace fundraising adjacent products. funds businesses, of infrastructure private shortly. an deployment with that market a to Our And next our To focuses our fund. to recently for new have we over started technology the fund. this equity the are fourth our

We also and it have of secondary $X launched fund. estate billion launched our commingled capital strategy, now for traditional raised real

closed into channel an resulted end and the directly of group. XX% which our our We in also continue business capital were This stable. scales, fee-related the team $X.X fee-bearing private and that is the remain includes the higher billion our and this REIT. a margins traditional year, our note earnings, solutions The wealth products, focused increase in as prior And distributing new would growth to marketing period. we wealth non-traded private products including focused funds on developing established from for

management our invested $XXX In to to base billion is revenues. big And earning translate that addition will capital of the we current fees, committed million this incremental approximately full the raised when expect we of looking step capital a additional tailwind fee funds annual have $XX notable from fundraising initiatives. ongoing to as and change in earnings earnings. And in add to into a we fee XXXX, the XXXX our our received benefits

number As interest realizing and and on $XX funds. each gains investments. a in are billion capital principal surfacing billion billion crystallizing flagship of other capital recycling We of in mature, initiatives our our a carried funds from disposition of earlier landmark complementary of vintage and now year, billion. we the during executed record interest carried gains $XX realized of $X.X of $X.X We strategies

continued XXX% managed perform generated the unrealized of during well across interest billion net remaining $X.X interest into of funds. increasing realized to total $X carried unrealized year, to investments carried accumulated We very all that income. by our billion Our the

we asset are execute sales. $X to XXXX We continue of on realize projecting in interest billion to as carried to up

compared earnings. FFO FFO largely XX% our XX% going and our DE of to real strong ownership The asset distributions the as performance. than will the increased existing to business. measure is increase BAP acquisitions. we higher principal to was that to disclosure the by Including or increase $X.X well realizations, from higher our investments This our forward continued continued from as it’s growth across primary use noting growth further of enhance worth $X.X the financial contributions management to recent driven XX% as The And organic Funds our our franchise, Lastly, realizations in prior driven BEP were strong align estate by our billion. and provide our operations billion, grew investments year. prior operations growth by and the steady before year from year. at and contributions distribution distributable

Our liquidity very remains strong. position

further to of of have In capital. commitments, meaning liquidity, $XX a we of $XX by realization. annualized core fund billion billion deployable of before This billion is addition bolstered uncalled we approximately total $XX our DE have

continue Our opportunities will on scale the attractive to us we capital to investment everyday. allow see capitalize

call hand the quarterly discuss to am Before quarter. increase pleased over X% that to declared of has the dividend representing the Natalie? over our payable I at March of confirm $X.XX Board prior strategy, a transition Natalie end to of an Directors our share I a

facing pressing talk good transition and strategy. see and everyone. is we and Climate to fund to economy change issues pleased one to opportunities be today most this Nick morning new exciting you significant Brookfield’s I about today. the for of here Thanks, the the am

increased While a now are the rapid lower governments making pace. for at climate In a drive capital. the At Brookfield, year. and to exciting need Zero XXx more that’s the will commitments last the to net-zero for finally, by topic to from by trillion corporates of that every our is triple, pace Xx of at be $XXX meet number emissions specifically, which to estimated the energy $XXX Financial systems require has in massive to It increase are invested companies. years, capital Alliance are Paris Net accelerating trillion net-zero $X commitments Glasgow been covered years, approximately a net-zero commitments will countries, for and X rising and change over emissions Achieving the need from $X financial trillion. this decarbonization seen trillion have the sector to of amount XXXX of for And of the an for we through commitments investment we Xx recognized focus Agreement emissions over goals economy, opportunity.

expectations. And We largest approximately are will investor. Brookfield first Fund, final billion the exceeded stages $XX close, raised the Brookfield in we we the be transition for flagship also than our of has fundraising currently economy started have demonstrates of to we the itself capital will our And our Once fundraising Global fund, The of raising final Transition planned. which to have required reach the to success more who net-zero. that faster many already urgency had work. put to we we of capital magnitude the transition likeminded recognize and that capital our investors, and global have

importantly, this to about in we because uses renewable own decarbonization, think help emissions we decarbonization investor in. our the to global or and if energy power deep of but platform essential us, operate to have impact. leadership opportunity Brookfield which globally. so and But and production The one reason operating More in our strong to investment largest recognize renewables renewables, every chosen also decarbonize business in Today, expertise, both only they decarbonization, carbon have indirectly of particularly the can is of proven power the the directly And to expertise they because this important can positive Therefore, be in if has capital, record understand returns electricity, are us energy invest and three track that, step world. also a can of it environmental successful you is have Every access enable first generation in quarters to not of markets position. a back the order is a investors deliver sector. to puts the can a that with power you traced energy. more than platforms that be financial industry and

importantly, the We are market most major in around renewable every operate major leader in and perhaps technologies, power a world.

We as investments and capabilities identifying as local sourcing across continent. decarbonization have development operating well M&A teams every and

will goals, to Our to and overarching targets. deliver risk funds meaningful two decarbonization on adjusted our generate strong investors for have return

objectives, range I wide which to very opportunities want a today, just see deploy we these two. to can highlight capital, While of meet

The first, course, of is clean energy.

clean of fund to new build energy Given energy required, adding theme will the a grid. core clean electricity global scale of be our transition the

A commercial we transition transformation. business. all production are. need are energy to Industries doing to footprints from shift enabled And in made And businesses way the need urban other these large decarbonization of BGTF as for Amazon, is utilities cement, one sectors, across and utilities made such processes a we development our an will the governments business require recently to public quickly a solutions hundreds relationships to their knowledge to to commercial us with that be significant leverage already world In and need reaching in value our existing for to the growth $XXX This power a investments solar a grid, with projects, gas go We goals. around This the the both for the invest a lower was their into with a The operating including of from Scotiabank. fact, decarbonization electrical this. in impact, into willing of at developer that power energy markets pipeline energy steel, theme to and development vehicle we megawatt to grids likes of to our and where their urban opportunity fund decarbonize where them of and acquired the be our bring investments own ability calling various example relationships renewable millions provide million, of transact and further and attractive to require clean as terms. to auto capabilities our and to capital sourced example well, partners gas Similarly, and to is chemicals enable of decarbonize industry help the the strong the in has future. how market. emissions to business dollars high to or transact of leading for was benefit second sector. U.S. made first opportunity is you Enbridge coal the Significant have use to to growth infrastructure an of transport assets material position XX,XXX capital opportunity a investments renewables. charging carbon sector, bilaterally commercial

premium infrastructure just Global Brookfield growth Fund very will for Brookfield. Brookfield coming in to as to believe across companies which companies are abate a platforms, The business over part sectors, see energy risk sure first plans our in capital to and this opportunity target $XXX fund return of investors, businesses the intensive that only at what be will flagship achieve investors. put attractive will their for this our to will come decarbonization given the potential pathway billion desired our of to Therefore, with support net-zero equity emissions. a peers to but fund, Our investing will benefit the fund the by in towards in expect those additional society that Transition beginning we be and We also various on a on versus commercial avenue over returns we that the number to other We for shareholder grow continue debt viable to years heart fundamental attractive products profiles the not Similar our theme decades. and we their for theme, impact, to this the nature plus make from be to lower industries the have but for and de-risk the spectrum. including such to our estate, believe and could a offer of present a we real valuations them generate a time, operations. path

theme. of approach ESG our In to renewables transition we that, history grown. can ESG in business maintain our the feel our Lastly, best-in-class our build-out our we recognized within a have has all big that investment strategies. leverage and that confident needs We client’s become

will forward. to And Over ESG. priority I will and of become all next is Thank to that a our investment turn think around call we a time. capital going operator put our and and embedding reporting we questions. processes now decade, critical we This further you that will work for for the measurement, your all for continue this the how over into disclosure strengthen the part clients back

will Please Thank you. question TD from first Our Instructions] with Securities. Cherilyn Radbourne [Operator go ahead. come

Thanks and very much morning. good

a considering asset-light expand versus balance manager, separation up manager? internally, of the provided referred opportunities an you the hadn’t weigh flexibility that the little that if discussion just sheet of terms has open In that you would you how regarding more you can on that valued the the asset appropriately historically more to

Hi, Cherilyn. Nick. It’s

in by always the deploying know done talked over I have we think and XX delivering and the evolving wanting achieved with capital for have two and we and have things financial the returns XX%. past as And We it sure to realized with years, that we been letter, we are Bruce to laid we always and we markets. have make focused shareholders, value have we on evolving that in out strong last happened. are markets

to of asset of it’s in last that being the the business a have own it that the its the with position have Over listen just markets achieved without losing Bruce’s a but and of we that preference have business synergies profile. respond to evolved the the asset business has the infancy, secondly, we and would we benefits the as few and largest years: And one right, growth management part that we market access believe look its that managers point, strong in allow for from business. investors has one, a to the currently us out And maybe no often overall manager where to the of and capital our access have part of significant grown benefited has spinning the scale to asset-light asset-light. one accordingly we a clear close and

coming which Okay, lots to that to sure really in retailer are ask just from of get I factor do industry how how channel, the think you perpetual want questions. that of significant I up. fee-bearing channel? management Can the did I going about your has scale of talk pick retail will also, affiliates tap. about current the much the let you only am and wealth? your started the But capital others one fundraising you ownership when is wealth in asset about to you

Yes, Cherilyn. a that’s good question,

private range channel. right that XX% coming fund, with of that fundraising, that private affiliates, I listed But from product you strong think it on that the our and channel X% in a retail fee-bearing are to a was also on that’s really wealth capital. we following retail observe our through have the to

that play into does So, it.

have you the that with the existing with creating the For channel have already but been creation and their the that with think that distribution and of selling And have. designed I new Oaktree out we we specifically creation extension leverage have private our the been we with we and think products, Brookfield know, first, is an retail there and I business, just our where of products And we what Solutions platforms Wealth REIT can efforts it’s as building of expertise. follow. the are do capabilities being marketing but and more resonate to we also that products of some

good forward. follow it be will source be to going that so should we think a there capital And more of and products

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Thank you.

you. Thank

Our Mario next Please go Scotiabank. question will ahead. with come Saric from

good Alright, thank you morning. and

asset to I manager manager. to back times a spin-out, a part the referenced separate Just couple coming you potential of the think of the have or potential spinout

terms in differentiating private you can the public think between you of value and as define of just today you are back is of streams? just and kind hoping considering? invested intrinsic sit on manager, I capital about fee to the we that asset am part if options in of company expand in value the how you out the the part So, pointed reference

asset-light, would a part percent I just meaningful to of we invest business, more into preference that directly percentage hands. have of still the mean, if for can those the Brookfield have refers that still invest the and Mario to into – own option in in and manager to capital, that public exist. x meaning, or the the want would maybe manager manager the the own the the part invest that spend of actual parent the Yes, business they would public people

Got it.

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say early we too those working through and detail. are think in parts too that It’s it’s to I early to through talk

Got it.

then Okay. selling pertaining valuations. dispositions. is BAM real And of just seems my you question to asset to pointed It like as daily there estate is second headlines out assets, get

expected real of XXXX? You of estate dispositions the type? so, terms if have for of of and from where geography come asset do think in an most share will And you focus BAM range

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not leasing As capital is be the the excellent. being are are are is back data we immediate is the performance retail others significantly, the where might catching other probably the and but the asset focus, the flowing Bruce And one said, great. ground classes spreads Maybe sales Retail is on up. for very active. activity, that

my two. Okay, thank you. Those are

you. Thank

Our Sohrab next come with BMO ahead. Please Capital question from go Movahedi will Markets.

the bunch asset scheme that about underappreciated sure a value Nick, the bit where I BAM just question Yes, maybe capital extracting in even make talked a on guess, past, wanted I the would that. why you wonder is off had to think if the talking distributing a value. discount, are also some are could to have I realized. thank this if invested holdco can, a by you. of I please? about to we about of what I then the But you about through way will little buybacks as things the their trade of start essence of kind not you the if you you trying So maybe just to of of talk shareholders? the at if mean, their thinking these am spinout? we about being, some manager And also, of

back to It’s our Bruce and a are answer a still run thinking shot which value job look, I’ll do sense business, And maybe if to shareholder that to your of those manager of trading properly trying less to question. we can company, take if is or great value are to unlock and trying shares of when our is our have it if do company future i.e., we into makes can asset-light increase we can investors an own But stay part value. their choose cake our would eat If optimize enable and to they and continue want too, investors structure. to separately, to there, it don’t our parent want asset than keep they into that and invest and we in we If shares always will part that the either in top have up to fair that. it a us will invest their ability by have capital capital the list those the the own plus trade securities manager, they treasury to manager. who the buy will

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Robert next Our Bruyette will and Woods. with question from Keefe, Lee come Please go ahead.

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Thank you.

go will Kwan from with question Markets. Our Please Geoff RBC next come ahead. Capital

morning. good Hi,

services still about it’s have agreement, BPG, management ways Just of manager not terms other going terms least that about decide little have it, keeping quo, whether with the to the but the or or as just I potential back preliminary, considerations obviously am wondering a you at go to spin-off or any as doing financial sort opposed BEP, status potential it’s one with change you BBU talked go bit to of theoretically is if think spin? is of in the probably to would spin, you what the to a about relationship asset

change. expect is we no answer Geoff, the short would

or where certain on operating opportunities help and global going trying the on, how the assets where are figuring that is just little transition. renewable I I are just investments the to transition themselves, companies sort I numerous. of more about to, understand was that guess if are, Okay. making focus large with mean best the opportunity And need or thing? bit sounds it’s attractive, fund, Are with that there then whether my it the second out it’s a am not like question obviously, you geographies

Natalie Sure, that, Geoff. I take here. will it’s

by their way in the like look you absolute about solutions starting COX the are spending first start. decarbonization to today take why and up generation, sectors range implement other to of that timeline companies of of for available them immediate will purchase at cost enable going first today, abate them the and cement for comes we those because steel, we When energy. First to invest the XXXX. footprint, the will to immediate say XX down. exciting, renewable the reducing decarbonization thinking their all, investing consumption by emissions, how the corporates years be solutions corporates time way would to for the in infrastructure best as That’s they electricity place electricity particularly make help decarbonize what’s mentioned an the buy are to that things I to like we X cleaning their to or hard on carbon is with their up that actually But of place we are distributed years chemicals, technologies is is time cleaning their and impact to

starting those – all them. are will those the to dialogue starting active that And are we focus the we on are most having need with so have we now. the are largest of capital And opportunities those where most add capital value. the conversations seeing intensity now. And is energy projects And highest and

Great. you. Okay. Thank

you. Thank

Our Please Blostein ahead. next will come Alexander question Goldman from Sachs. go with

good thanks Thanks, and everybody. Good question. morning for morning the for taking – taking

a management structure, from it you spin-off separation, give an kind business. more sounds of pure they like so play not that be the what will investors to side just opportunity but the asset to the of tracker are considering So, back as to stock, really really

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It’s Bruce.

think be am to three. you. I am to try try I on detail to answers call you – going more I this for asked until fulsome to get quick, we will not much I I too not will into although try going four answer have questions.

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we within security at when its know will we payout spot So, the choose. if cash we And to allocate time. lift to them that of have it right lift we the the the business, we about shields the could will everyone flows, a and that the as time at have when – full so

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meaningful think it. forward. we could are But – be starting very I into it will just it be going

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welcome. You’re

Thank you.

Andrew will Our go from with next ahead. come Credit Please question Kuske Suisse.

Good back finance. what multifamily opportunity HVAC multiplier generation? And be a of multiplier interact step you those you Thanks. for example address compounding of residential degree across some your on principles longer from has distributed effects businesses been being the residential guess you a together The bit was term And can this morning. the of would you across one maybe to highlighted I morning Could maybe effects one sort letter standpoint? certain as are basis together? businesses? they just in just as infrastructure seeing Brookfield and merging a front? as this now on an see miracle key historically. the Are do they little the you the Do businesses of

Yes. and when groups of our we across think is part of work the many the find ensure different affairs we that flow the we Look, within new tried have – ideas, our them to coordinate we areas. that success that to And keep of all I of try business therefore business, together.

think platform I in have that And applied just to learn it businesses have can same a when that. we therefore you we the helps be not in countries it important and XX broad something take as even may able in. country, to we our other So, globalize it are And do maybe when big been way is one them.

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very great. That’s you Okay. Thank much.

Thank you.

will from Bill Our go come next Katz with question Citigroup. Please ahead.

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Hi Rob. Yes.

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my Thanks questions. for taking

Thank Please ahead. with have Movahedi go we from Capital Sohrab a you. BMO Markets. And do follow-up

you. Thank

one, indications $XX the plan maybe for I final billion what a you a any mentioned estate Just dispositions, more of is cash? think or to real that detailed as about

Yes.

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to So, business, reinvested Brookfield. and that repatriated games being is being to estate obviously real accruing some some the

out. So, it’s plan that in have laid line we the with would

look to for opportunities most places within organization. deploy optimal over capital the the will that We at

So, just may to be in involve estate? new crystal investments making it the clear, real

could could It could it do. or It or could be yes it do repatriated.

Thank you.

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this gentlemen, and Ladies call. participation. today’s you your concludes for Thank conference

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