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Mark Carney leaves Brookfield to run for Liberal management


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Former Bank of Canada governor Mark Carney’s determination to throw his hat within the ring within the race to change into chief of the federal Liberal celebration has led to a shakeup on the prime of Brookfield Asset Management.

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In an announcement Thursday afternoon, Brookfield mentioned chief govt Bruce Flatt would tackle the added duty of the chair’s position on account of Carney’s departure.

“We are sorry to see him go away, however he does so to meet his deep sense of public service to Canada and we want him all the perfect in his new pursuit,” Flatt mentioned in an announcement.

He mentioned Carney has performed an vital position on the agency since becoming a member of in 2020, together with as chair over the previous couple of years. That included spearheading Broofield’s efforts in transition finance tied to local weather change.

Carney’s place at Brookfield grew to become a goal of elected members of the Conservative Party of Canada, who sit in opposition to Justin Trudeau’s minority authorities, after he was retained as an financial adviser to the Liberal celebration final yr. They sought to have Carney’s actions examined to see if there have been conflicts, claims that picked up steam after it was reported that Brookfield had proposed a multi-billion funding fund that might be seeded by the federal authorities and Canada’s largest pensions.

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Carney used the launch of his management bid to go after Conservative chief Pierre Poilievre, who’s main within the polls, suggesting the longtime politician’s pitch for Canada relies on slogans and soundbites moderately than stable financial coverage.

Since leaving the Bank of England in 2020, Carney’s different roles have included serving as chair of U.S. monetary knowledge and media firm Bloomberg LP and as a UN Special Envoy on Climate Action and Finance.

Flatt mentioned Thursday that Brookfield, which moved its head workplace to New York from Toronto in December, has a seasoned group that may proceed in Carney’s absence.

“Our deep bench of skilled funding and working professionals will proceed to steer Brookfield’s world-leading transition investing actions,” Flatt mentioned.

The head workplace transfer, which was accomplished in live performance with a company restructuring, was made to mirror more and more international asset possession and to benefit from potential elevated share buying and selling by means of Brookfield’s inclusion in some U.S.market indices. 

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The agency has property underneath administration throughout renewable energy and transition, infrastructure, non-public fairness, actual property and credit score, and its purchasers all over the world embody private and non-private pension plans, endowments and foundations, sovereign wealth funds, monetary establishments, insurance coverage firms and personal wealth buyers.

• Email: bshecter@nationalpost.com

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