The last financial crisis proved beneficial to Brookfield Asset Management
floor of One Manhattan West, a new glass tower in the island’s drab south-west, construction managers survey the skyline. They are about to sign off on a feat of engineering. The 303-metre skyscraper is the tallest part of a $5bn office, retail and residential project covering an area the size of 100 football fields. Resting on a huge concrete slab covering active rail tracks, the weight is carried by a column sitting on the sturdiest parts. The first tenants are due to move in within weeks.
A decade later Brookfield started to invest third-party money. In the mid-2000s it began to raise private funds for property, infrastructure, private equity and renewables. It then listed its public funds on the New York Stock Exchange . The strategy took time to reap rewards. “Going into the financial crisis, it was a strong company. But it was relatively small,” says David Hodes of Hodes Weill, a firm that helps funds find investors.
Investing other people’s money is now its biggest business. It earns fees on $164bn of third-party capital, four times as much as it invests from its balance-sheet. Sohrab Movahedi of, a bank, reckons that will rise to $276bn by 2021. More than 700 institutions back its private funds. Its investments span more than 30 countries and punctuate skylines in financial capitals including London, Sydney and Toronto. The retail space it owns would fill two New York Midtowns.
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