0811 ET - Brookfield Asset Management looks for a larger stage. Parent Brookfield and its asset management arm are taking steps to simplify their structure and position BAM for broader equity index inclusion, particularly those in the U.S. BAM will now be based in New York rather than Toronto. And it is moving to own and reflect all its asset management business, with Brookfield's current 73% stake to be held through an equivalent interest in the publicly traded shares. The shift remains subject to shareholder approval, but the companies say it will make it easier for investors to understand and value BAM. They estimate BAM would be valued at about $85 billion based on the current price of the class A shares, versus the current market cap of roughly $23 billion reflecting only 27% of the asset management business. (robb.stewart@wsj.com; @RobbMStewart)
(END) Dow Jones Newswires
November 01, 2024 08:11 ET (12:11 GMT)
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