Mark Carney, former governer of the Bank of England and the Bank of Canada, will become chair of Brookfield Asset Management, when the asset management division of Canadian investor Brookfield separately lists in November, the firm has announced.
Brookfield announced in May of this year that it intended to sell 25% of its stake in its asset management business to shareholders by the end of 2022.
The operation will create a seperate alternative asset management firm which will manage $750 bn (€740 bn) in assets. The remainder of the firm, to be renamed Brookfield Corporation, will focus on investing its own capital and will remain dual listed.
Brookfield Asset Management is due to be listed on the Toronto and New York stock exhanges. The firm will continue to be led by Bruce Flatt as CEO. Brookfield Corporation will own 75% of the firm following the transaction.
Carney, who is currently vice-chairman of Brookfield Asset Management, will take over as chair in the autumn. He was notably governer of the Bank of England from 2013 to 2020, after holding the position of governer of the Bank of Canada from 2008 to 2013.
Prior to his governorships, Carney worked at Goldman Sachs as well as the Canadian Department of Finance. A well-known advocate for sustainability, specifically with regard to the management and reduction of climate risks, he is currently the United Nations special envoy for climate action and finance.
Bolstering the Brookfield Asset Management team, Connor Teskey has been appointed president of the company, adding to his role as chief executive of Brookfield's renewables and transition group.
