By Denny Jacob


Brookfield Asset Management Inc. on Friday said it will spin off its asset management business to shareholders at a ratio of 1 share of the seperated business for every 4 Class A shares.

The Toronto investment company will be renamed Brookfield Corp. and trade under the new ticker symbol BN immediately after the spin off, the company said. Shares are expected to commence trading on Dec. 12, Brookfield said. The spin off business will assume the ticker BAM and name Brookfield Asset Management, the company said.

Chief Executive Bruce Flatt in a letter to investors in May said Brookfield plans to set up its asset management business as a separate enterprise and distribute a 25% interest worth an estimated $20 billion to shareholders. This will create a separately listed, pure-play investment firm with an estimated market value of about $80 billion, the letter said. The distribution by Brookfield will be valued at about $12 a share and will be tax-free for U.S. and Canadian investors.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

12-02-22 1803ET