By Robb M. Stewart


Brookfield Asset Management named Connor Teskey as successor to long-serving Chief Executive Bruce Flatt, who will remain chairman as well as CEO of parent Brookfield.

Anticipation of a succession plan had been heightened after Flatt early last year took on the additional role of chair of the New York-based asset manager, after central banker Mark Carney stepped down to run for the leadership of the Liberal Party of Canada and went on to succeed Justin Trudeau as prime minister.

Teskey, who had been widely viewed as the likely successor, joined Brookfield Asset Management in 2012 and was named president in 2022. He also has been the head of Brookfield's Renewable Power & Transition business and CEO of Brookfield Renewable Partners, with responsibility for investments, operations and the expansion of the renewables operation.

Flatt joined Brookfield in 1990 and became CEO in 2002.

"Today's announcement is the next step in the succession process we started four years ago. This will set up our next generation of leaders who will guide the company in the coming decades," Flatt said.

The appointment accompanied news Brookfield Asset Management will increase its dividend 15% after it fundraised a record $35 billion in the final quarter of last year and increased earnings.

Flatt said the asset manager's primary objective continues to be to generate increasing cash flows on a per-share basis, and to distribute that cash to investors by dividend or share repurchases. Teskey will continue in his role as CEO of Brookfield's renewable energy business

The asset manager's distributable earnings, a measure of cash that can be returned to shareholders, increased to $767 million, or 47 cents a share, in the latest quarter, from $649 million, or 40 cents, a year earlier. That topped the roughly $700 million, or 43 cents on a per-share basis, consensus forecast of analysts polled by FactSet.

Fee-related earnings increased 28% to a all-time high $867 million in the fourth quarter. However, net income came in at $560 million, or 34 cents a share, down from $688 million, or 42 cents, in the same period a year earlier.

Revenue was up 20% to $1.09 billion from $901 million the year before.

Brookfield Asset Management raised roughly $112 billion in 2025.

It said the market environment for investment remains strong, and in the last quarter it deployed $13 billion across its business to bring total capital invested to $66 billion in what was its strongest year ever.

Market conditions also supported increased transaction activity and the company's ability to monetize investments. It sad it during the quarter sold $20 billion of assets, realizing $13 billion of equity value. That increased monetizations in 2025 to almost $80 billion, realizing $50 billion of equity.

As of the end of December, Brookfield Asset Management had a total of $134 billion of uncalled fund commitments, $63 billion of which it said will begin earning fees of about $630 million annually once deployed.

Brookfield Asset Management earlier this week said it was buying industrial real estate investment trust Peakstone Realty Trust in an all-cash deal valued at about $1.2 billion. The deal will expand its industrial real estate platform with an investment trust that owns and operates industrial outdoor storage and traditional industrial properties.

In December, Brookfield Asset Management teamed with a subsidiary of Qatar Investment Authority to form a $20 billion venture focused on artificial intelligence infrastructure in Qatar and other select international markets. The same month it and Singaporean sovereign-wealth fund GIC agreed to buy National Storage REIT in a deal that valued the Australian self-storage operator at almost $4.5 billion.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

02-04-26 0806ET