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Brookfield Asset Management Inc. chief executive Bruce Flatt said its growing insurance business may ultimately own the rest of its operations in a move that emulates Berkshire Hathaway Inc.
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“It would be just turned up this way, with the insurance business owning our asset management and our investment operations,” Flatt said Wednesday at the Bloomberg Invest conference in New York, adding that it’s “really what Berkshire Hathaway is.”
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Brookfield’s “special ingredient” in the insurance business is that parent company Brookfield Corp. sits on about US$150 billion of capital, Flatt said. The firm has poured almost US$20 billion into the equity of the insurance unit, Brookfield Wealth Solutions, and expects to keep building it out over the next 10 years.
Flatt shrugged off recent talk of tariffs and related volatility in financial markets. Brookfield’s business is generally unaffected by tariffs because it’s “a local investor” that invests in the infrastructure of strong nations, he said.
He added that Brookfield isn’t particularly interested in acquiring other fund managers right now.
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“We are at the point where we almost have everything that we want,” Flatt said. “We see no real need to pay up for anything at this point.”
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