Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) today
announced financial results for the quarter ended June 30, 2023.
Connor Teskey, President of Brookfield Asset
Management stated, “We delivered strong results in the second
quarter, showcasing the resilience of our business and stability of
our fee streams that are driven by nearly 85% of fee-bearing
capital attributable to long-term perpetual funding sources.
Year-to-date, we committed to investments worth $50 billion. The
scale, stability, and diversity of our businesses continue to
differentiate our franchise with clients and counterparties.”
He added, “We also continue to see very strong
momentum on the fundraising side. We’ve made terrific progress so
far this year, having raised $37 billion of capital to date and
expect this to accelerate in the second half of the year as we
progress our efforts on recently launched funds. With these
fundraising efforts, combined with approximately $50 billion of
additional insurance inflows, we expect to raise close to $150
billion of capital this year which should drive meaningful earnings
growth in 2024 and beyond.”
Operating
Results
Brookfield
Asset Management
Ltd.Net income for the publicly traded entity
Brookfield Asset Management Ltd. (BAM) totaled $109 million for the
quarter. BAM owns a 25% interest in our asset management business
and the remaining 75% is owned by Brookfield Corporation. In order
to provide meaningful comparative information, the following
discussion relates to the financial results on a 100% basis for our
asset management business (Brookfield Asset Management).
Brookfield Asset
Management1
For the periods ended June 30 |
Three Months Ended |
|
Twelve Months Ended |
(US$ millions, except per share amounts) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Fee-Related Earnings2 |
$ |
548 |
|
|
$ |
516 |
|
|
$ |
2,194 |
|
|
$ |
1,975 |
|
Add back: equity-based compensation costs and other income3 |
|
47 |
|
|
|
16 |
|
|
|
150 |
|
|
|
96 |
|
Less: cash taxes |
|
(68 |
) |
|
|
(21 |
) |
|
|
(161 |
) |
|
|
(75 |
) |
Distributable Earnings2 |
$ |
527 |
|
|
$ |
511 |
|
|
$ |
2,183 |
|
|
$ |
1,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee-related earnings per share |
$ |
0.34 |
|
|
$ |
0.32 |
|
|
$ |
1.34 |
|
|
$ |
1.21 |
|
Distributable earnings per share |
$ |
0.32 |
|
|
$ |
0.31 |
|
|
$ |
1.33 |
|
|
$ |
1.22 |
|
|
|
|
|
|
|
|
|
Net income attributable to Brookfield Asset
Management |
$ |
455 |
|
|
$ |
668 |
|
|
$ |
1,870 |
|
|
$ |
2,026 |
|
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See endnotes |
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Brookfield Asset Management’s distributable
earnings were $527 million for the quarter and $2.2 billion over
the last twelve months. Fee-related earnings comprise approximately
100% of distributable earnings for both the quarter and the last
twelve months. Robust fundraising efforts and strong capital
deployment activities drove quarterly fee-related earnings to $548
million for the quarter, representing an increase of 6% compared to
the prior year period.
Operating
HighlightsWe have raised $74 billion over the last
twelve months, with $17 billion raised during the second quarter
and $37 billion raised year-to-date. Notable fundraising
updates since the beginning of the second quarter include:
- We closed on
$3.4 billion of capital for our fifth flagship infrastructure fund.
We have now closed on $27 billion for this vintage, making it the
largest infrastructure draw-down fund ever raised. This vintage
will continue to grow as we close out more capital commitments
before year end.
- Our third
infrastructure debt fund has raised $4.3 billion to date,
surpassing our previous fund size of $2.7 billion. We anticipate a
final close later this year, tracking a total fund size over $5
billion, well surpassing our initial fund target.
- We held a
significant first close for Oaktree’s twelfth flagship
opportunistic credit fund for $3.0 billion, with a second close
targeted for the third quarter. Oaktree’s direct lending fund also
held a first close in the second quarter and has now raised $3.3
billion, with additional closes anticipated in the second half of
the year.
Fee-bearing capital was $440 billion at the end
of the second quarter, an increase of approximately $8 billion
during the quarter and $48 billion or 12% over the past year.
- The above
increase in fee-bearing capital contributed to growth in
fee-related earnings to $2.2 billion over the last twelve months,
representing a 16% increase over the prior period, excluding
performance fees.
We committed to investments worth $50 billion
across a number of high-quality businesses and assets. Notable
transactions since our last earnings announcement include:
- Our
infrastructure business entered into a definitive agreement to
acquire Compass Datacenters, in a deal valued at approximately $6.0
billion. With numerous data centers across the U.S., Canada, and
Europe, Compass Datacenters compliments our infrastructure
digitalization investment strategy. The deal is expected to close
by the end of the year.
- Our renewables
business announced its acquisition of Duke Energy Renewables, an
integrated developer and operator of renewable power assets, at an
enterprise value of $2.7 billion. Our fifth flagship infrastructure
vintage committed equity of $1.1 billion.
- Our private
equity business agreed to acquire Network International in a
take-private deal valued at approximately $3.0 billion. Network’s
digital commerce business operates across the Middle East,
providing technology-enabled payments solutions to merchants and
financial institutions. This investment aligns with Brookfield’s
goal of further expansion in the Middle East and continued
digitalization efforts across all businesses.
We advanced or completed $15 billion of
monetizations through the first half of 2023, generating strong
multiples of capital and IRR’s.
- Our global
portfolio of essential service businesses and assets mainly
generate contracted or regulated inflation-linked revenues, which
are highly cash generative and continue to be very attractive to
buyers in the current economic environment. In that regard, since
the start of the year, we monetized $15 billion of assets at
premium valuations, including $5 billion of asset sales within our
real estate business and $10 billion of infrastructure assets.
- Notable sales
across the business included the sale of a high-quality portfolio
of office campuses in India, a hospitality investment portfolio in
the US, and a 12.5% interest in a U.S. gas pipeline. As we look
forward, we have a number of other sales processes under way and
our monetization pipeline remains very strong.
As of June 30, 2023, we have $83 billion of uncalled fund
commitments.
- Total investable
capital includes $2.9 billion of cash and cash equivalents, as well
as $83 billion of uncalled fund commitments, of which $40 billion
is not currently earning fees across our strategies, and will earn
approximately $400 million of fees annually once deployed. This
excludes any capital that our 75% shareholder has on its balance
sheet and in its insurance operations; we currently also have no
debt.
Strategic
InitiativesSubsequent to quarter end, Brookfield
Reinsurance (BNRE) and American Equity Investment Life Holding
Company (AEL) entered into a definitive agreement whereby BNRE is
set to acquire all of the outstanding shares of common stock of AEL
it does not already own in a cash and stock transaction that values
AEL at approximately $4.3 billion. Once the transaction is closed,
we expect BAM to manage $50 billion of additional insurance
fee-bearing capital, which will earn approximately $125 million of
annual base fee revenue. BAM will not contribute any capital into
the transaction and will not assume any insurance liabilities on
its balance sheet.
Regular
Dividend Declaration
& Establishment
of Dividend
Reinvestment ProgramThe board of
directors of Brookfield Asset Management Ltd. declared a quarterly
dividend of $0.32 per share, payable on September 29, 2023, to
shareholders of record as of the close of business on August 31,
2023.
End Notes |
|
1. |
Reflects full period results unless otherwise noted on a 100% basis
for Brookfield Asset Management, being Brookfield Asset Management
ULC and its subsidiaries, including its share of the asset
management activities of partly owned subsidiaries. |
2. |
See Reconciliation of Net Income to Fee-Related Earnings and
Distributable Earnings on page 6 and Non-GAAP and Performance
Measures section on page 8. |
3. |
Equity-based compensation costs and other income includes
Brookfield Asset Management's portion of partly owned subsidiaries
investment income, realized carried interest, and other
income. |
|
|
|
Brookfield Asset Management Ltd.Statement of Financial
Position |
|
UnauditedAs at(US$ millions) |
June 302023 |
|
|
December 312022 |
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
12 |
|
|
$ |
1 |
|
Investments |
|
2,305 |
|
|
|
2,378 |
|
Due from affiliates |
|
810 |
|
|
|
782 |
|
Other assets |
|
41 |
|
|
|
— |
|
Total Assets |
$ |
3,168 |
|
|
$ |
3,161 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable and other |
$ |
766 |
|
|
$ |
781 |
|
Due to affiliates |
|
168 |
|
|
|
3 |
|
Total Liabilities |
|
934 |
|
|
|
784 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Total Equity |
|
2,234 |
|
|
|
2,377 |
|
Total Liabilities
and Equity |
$ |
3,168 |
|
|
$ |
3,161 |
|
|
|
|
|
|
|
|
|
Brookfield Asset
Management Ltd.Statement of Operating
Results |
|
UnauditedFor the period ended June 30 |
Three Months Ended |
(US$ millions, except per share amounts) |
|
2023 |
|
|
|
|
Equity accounted income |
$ |
114 |
|
Compensation and other expenses |
|
(5 |
) |
Net Income |
$ |
109 |
|
|
|
|
Net income per share of common stock |
|
|
Diluted |
$ |
0.28 |
|
Basic |
$ |
0.28 |
|
|
|
|
Brookfield Asset ManagementStatement
of Financial
Position |
|
Unaudited |
|
|
|
|
|
|
|
As at |
|
June 30 |
|
|
|
December 31 |
|
(US$ millions) |
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
2,918 |
|
|
$ |
3,545 |
|
Accounts receivable and other |
|
510 |
|
|
|
429 |
|
Investments |
|
7,364 |
|
|
|
6,877 |
|
Due from affiliates |
|
2,129 |
|
|
|
2,121 |
|
Deferred income tax assets and other assets |
|
1,139 |
|
|
|
1,115 |
|
Total Assets |
$ |
14,060 |
|
|
$ |
14,087 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable and other |
$ |
1,685 |
|
|
$ |
1,842 |
|
Due to affiliates |
|
890 |
|
|
|
811 |
|
Deferred income tax liabilities and other |
|
2,047 |
|
|
|
1,828 |
|
|
|
4,622 |
|
|
|
4,481 |
|
Equity |
|
|
|
|
|
|
|
Total Equity |
|
9,438 |
|
|
|
9,606 |
|
|
|
|
|
|
|
|
|
Total Liabilities, and Common Equity |
$ |
14,060 |
|
|
$ |
14,087 |
|
|
|
|
|
|
|
|
|
Note: Reflects balances on a 100% basis for our asset management
business, being Brookfield Asset Management and its subsidiaries,
as well as its share of the asset management activities of partly
owned subsidiaries.
|
Brookfield Asset ManagementStatement
of Operating
Results |
|
UnauditedFor the periods ended
June 30 |
Three Months Ended |
(US$ millions, except per share amounts) |
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
Incentive distribution and management fee revenues |
$ |
770 |
|
|
$ |
665 |
|
Carried interest income net of amounts attributable to
Corporation |
|
54 |
|
|
|
— |
|
Other revenue |
|
161 |
|
|
|
259 |
|
Total
Revenues |
|
985 |
|
|
|
924 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Compensation, operating, and general and administrative
expenses |
|
(348 |
) |
|
|
(223 |
) |
Interest expense |
|
(5 |
) |
|
|
(43 |
) |
Total
Expenses |
|
(353 |
) |
|
|
(266 |
) |
Other income, net |
|
75 |
|
|
|
251 |
|
Share of income from equity accounted investments |
|
29 |
|
|
|
87 |
|
Income
Before Taxes |
|
736 |
|
|
|
996 |
|
Income tax expense |
|
(156 |
) |
|
|
(162 |
) |
Net Income |
$ |
580 |
|
|
$ |
834 |
|
|
|
|
|
|
|
|
|
Net income attributable
to: |
|
|
|
|
|
|
|
Brookfield Asset Management |
$ |
455 |
|
|
$ |
668 |
|
Brookfield Corporation |
|
125 |
|
|
|
166 |
|
|
|
|
|
|
|
|
|
Net income per share |
|
580 |
|
|
|
834 |
|
Diluted |
$ |
0.28 |
|
|
$ |
0.41 |
|
Basic |
$ |
0.28 |
|
|
$ |
0.41 |
|
Note: Reflects results on a 100% basis for our asset management
business, being Brookfield Asset Management and its affiliates.
SELECT FINANCIAL
INFORMATION
RECONCILIATION OF
NET INCOME TO
FEE-RELATED EARNINGS
AND DISTRIBUTABLE
EARNINGS
Brookfield Asset
Management
UnauditedFor the periods ended
June 30 |
Three Months Ended |
(US$ millions) |
|
2023 |
|
|
2022 |
|
Net income |
$ |
580 |
|
$ |
834 |
|
Add or subtract the
following: |
|
|
|
|
|
|
Provision for taxes1 |
|
156 |
|
|
162 |
|
Depreciation and amortization2 |
|
3 |
|
|
1 |
|
Carried interest allocations3 |
|
(114 |
) |
|
(163 |
) |
Carried interest allocation compensation3 |
|
(3 |
) |
|
18 |
|
Other income and expenses4 |
|
(72 |
) |
|
(269 |
) |
Interest expense paid to related parties4 |
|
5 |
|
|
43 |
|
Interest and dividend revenue4 |
|
(40 |
) |
|
(74 |
) |
Other revenues5 |
|
(31 |
) |
|
(22 |
) |
Share of income from equity accounted investments6 |
|
(29 |
) |
|
(87 |
) |
Fee-related earnings of partly owned subsidiaries at our
share6 |
|
65 |
|
|
64 |
|
Compensation costs recovered from affiliates7 |
|
22 |
|
|
— |
|
Fee revenues from consolidated funds & Other8 |
|
6 |
|
|
9 |
|
Fee-Related Earnings |
|
548 |
|
|
516 |
|
Cash Taxes9 |
|
(68 |
) |
|
(21 |
) |
Add back: equity-based compensation costs and other10 |
|
47 |
|
|
16 |
|
Distributable Earnings |
$ |
527 |
|
$ |
511 |
|
1. |
This adjustment removes the impact of income tax provisions
(benefit) on the basis that we do not believe this item reflects
the present value of the actual tax obligations that we expect to
incur over the long-term due to the substantial deferred tax assets
of our asset management business. |
2. |
This adjustment removes the depreciation and amortization on
property, plant and equipment and intangible assets, which are
non-cash in nature and therefore excluded from Fee-Related
Earnings. |
3. |
These adjustments remove unrealized carried interest allocations
and the associated compensation expense, which are excluded from
Fee- Related Earnings as these items are unrealized in nature. |
4. |
These adjustments remove other income and expenses associated with
non-cash fair value changes and remove interest and charges paid or
received related to related party loans. |
5. |
This adjustment adds back other revenues earned that are non-cash
in nature. |
6. |
This item adds back compensation costs that will be borne by
affiliates and are non-cash in nature. |
7. |
This adjustment adds base management fees earned from funds that
are eliminated upon consolidation and other items. |
8. |
Represents the impact of cash taxes paid by the business. |
9. |
This adjustment adds back equity-based compensation and other
income associated with the Company's portion of partly owned
subsidiaries’ investment income, realized carried interest and
other income and other items. |
10. |
These adjustments remove our share of partly owned subsidiaries’
earnings, including items 1) to 5) above and include its share of
partly owned subsidiaries’ Fee-Related Earnings. |
|
|
Additional
InformationThe Letter to Shareholders and the
Supplemental Information for the three months and twelve months
ended June 30, 2023, contain further information on the company’s
strategy, operations and financial results. Shareholders are
encouraged to read these documents, which are available on the
company’s website.
The statements contained herein are based
primarily on information that has been extracted from our financial
statements for the quarter ended June 30, 2023, which have been
prepared using US GAAP. The amounts have not been audited by BAM’s
external auditor.
BAM’s Board of Directors have reviewed and
approved this document, including the summarized unaudited
consolidated financial statements prior to its release.
Information on our dividends can be found on our
website under Stock & Distributions/Distribution History.
Quarterly
Earnings Call
DetailsInvestors, analysts, and other interested
parties can access BAM’s Second Quarter 2023 Results as well as the
Shareholders’ Letter and Supplemental Information on its website
under the Reports & Filings section at bam.brookfield.com.
To participate in the Conference Call today at
11:00 a.m. EST, please preregister at https://register.vevent.com/
register/BIfaacf3346387462b895c8c74ecf0abe6. Upon registering, you
will be emailed a dial-in number, and unique PIN.
The Conference Call will also be webcast live at
https://edge.media-server.com/mmc/go/bamQ2-2023. For those unable
to participate in the Conference Call, the telephone replay will be
archived and available until August 9, 2024, or available on our
website at bam.brookfield.com.
About
Brookfield Asset
ManagementBrookfield Asset Management Ltd. (NYSE:
BAM, TSX: BAM) is a leading global alternative asset manager with
approximately $850 billion of assets under management across
renewable power and transition, infrastructure, private equity,
real estate, and credit. We invest client capital for the long-term
with a focus on real assets and essential service businesses that
form the backbone of the global economy. We offer a range of
alternative investment products to investors around the world —
including public and private pension plans, endowments and
foundations, sovereign wealth funds, financial institutions,
insurance companies and private wealth investors. We draw on
Brookfield’s heritage as an owner and operator to invest for value
and generate strong returns for our clients, across economic
cycles.
Please note that Brookfield Asset Management
Ltd’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 bam.brookfield.com. Hard copies of the
annual and quarterly reports can be obtained free of charge upon
request.
For more information, please visit our website
at bam.brookfield.com or contact:
Communications &
Media:Kerrie McHugh Hayes Tel: (212)
618-3469Email: kerrie.mchugh@brookfield.com |
Investor Relations:Jason
FooksTel: (866) 989-0311Email: jason.fooks@brookfield.com |
|
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Non-GAAP and
Performance MeasuresThis news
release and accompanying financial information are based on
generally accepted accounting principles in the United States of
America (“US GAAP”).
We make reference to Distributable Earnings
(“DE”), which is referring to the sum of its fee-related earnings,
realized carried interest, realized principal investments, interest
expense, and general and administrative expenses; excluding
equity-based compensation costs and depreciation and amortization.
The most directly comparable measure disclosed in the primary
financial statements of our asset management business for
distributable earnings is net income. This provides insight into
earnings received by the company that are available for
distribution to common shareholders or to be reinvested into the
business.
We use FRE and DE to assess our operating
results and the value of Brookfield’s business and believe that
many shareholders and analysts also find these measures of value to
them.
We disclose a number of financial measures in
this news release that are calculated and presented using
methodologies other than in accordance with US GAAP. These
financial measures, which include FRE and DE, should not be
considered as the sole measure of our performance and should not be
considered in isolation from, or as a substitute for, similar
financial measures calculated in accordance with US GAAP. We
caution readers that these non-GAAP financial measures or other
financial metrics are not standardized under US GAAP and may differ
from the financial measures or other financial metrics disclosed by
other businesses and, as a result, may not be comparable to similar
measures presented by other issuers and entities.
We provide additional information on key terms
and non-GAAP measures in our filings available at
bam.brookfield.com.
Notice to
ReadersBrookfield Asset Management Ltd. is not
making any offer or invitation of any kind by communication of this
news release and under no circumstance is it to be construed as a
prospectus or an advertisement.
In addition to historical information, this news
release contains “forward-looking statements” within the meaning of
applicable U.S. securities laws, including the United States
Private Securities Litigation Reform Act of 1995, and
“forward-looking information” within the meaning of Canadian
securities laws (collectively, “forward-looking information”).
Forward-looking information may relate to our outlook and
anticipated events or results and may include information regarding
the financial position, business strategy, growth strategy,
budgets, operations, financial results, taxes, dividends,
distributions, plans and objectives of, or expectations for, our
business. Particularly, information regarding future results,
performance, achievements, prospects or opportunities of Brookfield
Asset Management Ltd., our asset management business or the
Canadian, U.S. or international markets is forward-looking
information. In some cases, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “targets”, “expects” or “does not expect,” “is expected,”
“an opportunity exists,” “budget,” “scheduled,” “estimates,”
“forecasts,” “intends,” “anticipates” or “does not anticipate” or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may,” “could,” “would,”
“might,” “will” or “will be taken,” “occur” or “be achieved.”
Our forward-looking statements are based on our
beliefs, assumptions and expectations of future performance, taking
into account all information currently available to us. These
beliefs, assumptions and expectations can change as a result of
many possible events or factors, not all of which are known to us
or within our control. If a change occurs, our business, financial
condition, liquidity and results of operations may vary materially
from those expressed in our forward-looking statements. Several
factors could cause our actual results to vary from our
forward-looking statements, including, among others: our lack of
independent means of generating revenue; our material assets
consisting solely of our interest in Brookfield Asset Management
ULC; challenges relating to maintaining our relationship with
Brookfield Corporation and potential conflicts of interest;
Brookfield Asset Management Ltd. being a newly formed company; our
liability for our asset management business; our ability to
maintain Brookfield Asset Management Ltd.’s excepted status as a
“foreign private issuer” and an “emerging growth company” under
U.S. federal securities laws; the difficulty for investors to
effect service of process and enforce judgments in the United
States, Canada and/or other applicable jurisdictions; the impact on
growth in fee-bearing capital of poor product development or
marketing efforts; our ability to maintain our global reputation;
volatility in the trading price of our class A limited voting
shares; being subjected to numerous laws, rules and regulatory
requirements; the potential ineffectiveness of our policies to
prevent violations of applicable law; meeting our financial
obligations due to our cash flow from our asset management
business; foreign currency risk and exchange rate fluctuations;
requirement of temporary investments and backstop commitments to
support our asset management business; rising interest rates;
revenues impacted by a decline in the size or pace of investments
made by our managed assets; our earnings growth can vary, which may
affect our dividend and the trading price of our class A limited
voting shares; exposed risk due to increased amount and type of
investment products in our managed assets; difficulty in
maintaining our culture; political instability or changes in
government; unfavorable economic conditions or changes in the
industries in which we operate; catastrophic events and COVID-19;
deficiencies in public company financial reporting and disclosures;
ineffective management of environmental, social and governance
(ESG) considerations; failure of our information and technology
systems; the threat of litigation; losses not covered by insurance;
inability to collect on amounts owing to us; information barriers
that may give rise to conflicts and risks; risks related to our
renewable power and transition, infrastructure, private equity and
real estate strategies; risks relating to Canadian and United
States taxation laws; and other factors described in our annual
report on Form 20-F, including those set forth under Item 3.D “Risk
Factors,” Item 4.B “Business Overview” and Item 5.A “Operating
Results.”
We caution that the factors that may affect
future results listed above are not exhaustive. The forward-looking
information represents our views as of the date of this news
release and should not be relied upon as representing our views as
of any date subsequent to the date of this news release. While we
anticipate that subsequent events and developments may cause our
views to change, we disclaim any obligation to update the forward-
looking statements, other than as required by applicable law.
These statements and other forward-looking
information are based on opinions, assumptions and estimates made
by us in light of our experience and perception of historical
trends, current conditions and expected future developments, as
well as other factors that we believe are appropriate and
reasonable in the circumstances, but there can be no assurance that
such estimates and assumptions will prove to be correct.
Accordingly, readers should not place undue reliance on
forward-looking information. We do not undertake to update any
forward-looking information contained herein, except as required by
applicable securities laws.
Past performance is not indicative nor a
guarantee of future results. There can be no assurance that
comparable results will be achieved in the future, that future
investments will be similar to the historic investments discussed
herein (because of economic conditions, the availability of
investment opportunities or otherwise), that targeted returns,
diversification or asset allocations will be met or that an
investment strategy or investment objectives will be achieved.
Target returns set forth in this news release
are for illustrative and informational purposes only and have been
presented based on various assumptions made by Brookfield Asset
Management Ltd. in relation to the investment strategies being
pursued by the funds, any of which may prove to be incorrect. There
can be no assurance that targeted returns will be achieved. Due to
various risks, uncertainties and changes (including changes in
economic, operational, political or other circumstances) beyond
Brookfield Asset Management Ltd.’s control, the actual performance
of the funds and the business could differ materially from the
target returns set forth herein. In addition, industry experts may
disagree with the assumptions used in presenting the target
returns. No assurance, representation or warranty is made by any
person that the target returns will be achieved, and undue reliance
should not be put on them. Prior performance is not indicative of
future results and there can be no guarantee that the funds will
achieve the target returns or be able to avoid losses.
Certain of the information contained herein is
based on or derived from information provided by independent
third-party sources. While Brookfield Asset Management Ltd.
believes that such information is accurate as of the date it was
produced and that the sources from which such information has been
obtained are reliable, Brookfield Asset Management Ltd. makes no
representation or warranty, express or implied, with respect to the
accuracy, reasonableness or completeness of any of the information
or the assumptions on which such information is based, contained
herein, including but not limited to, information obtained from
third parties.
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