Mark Carney, who joined Brookfield in 2020, is to become chair of the asset manager’s newly formed asset management arm.
In a letter to shareholders, Brookfield said as part of its efforts to remain innovative, the company continuously reviews its structure, “breaking down the organisation into entrepreneurial groups and launching new businesses”.
Brookfield said it intends to spin off its asset management unit, Brookfield Asset Management, to manage the firm’s $750bn (€726bn) assets.
Brookfield’s business units currently include real estate, infrastructure, renewables, private equity, credit, insurance solutions and the Brookfield Asset Management entity which is expected to be spun-off before the end of the year.
Brookfield said Carney, the former governor of the Bank of England, will be joined on the board of Brookfield Asset Management by current Brookfield CEO Bruce Flatt and seven independent directors.
In 2020, Carney joined Brookfield as vice-chair and head of environment, social and governance and impact fund investing to help push the firm’s renewable investing efforts to combine better long-term outcomes for society with strong risk-adjusted returns.
He served as the governor of the Bank of England from 2013 to 2020. In addition, he served as first vice-chair of the European Systemic Risk Board. Prior to his tenure as governor of the Bank of England, he was the governor of the Bank of Canada and chairman of its board of directors.
Brookfield Asset Management’s board will also include founders of Brookfield’s real estate, private equity and infrastructure businesses – Brian Kingston, Cyrus Madon, and Sam Pollock – who will also continue to act as CEOs of their respective businesses.