Q2 2024 BROOKFIELD ASSET MANAGEMENT LTD Earnings Call Transcript
Key Points
- Brookfield Asset Management Ltd (BAM) reported strong results with $68 billion of capital raised in the second quarter, bringing total assets under management to approximately $1 trillion.
- The company has a robust private equity franchise, managing approximately $130 billion of assets and generating a 27% gross IRR and 21% net IRR over 20 years.
- Brookfield Asset Management Ltd (BAM) has a significant presence in renewable power and transmission, with a recent acquisition of NEON, a leading global renewables development business, valued at approximately $7 billion.
- The company has a strong credit business, managing over $300 billion of assets, with second-quarter credit revenues up 19% year-over-year.
- Brookfield Asset Management Ltd (BAM) has a diverse fundraising capability, raising $68 billion in the quarter, with significant contributions from insurance solutions, credit, and renewable power and transmission businesses.
- The company faces elevated geopolitical uncertainties, which could impact business sentiment and capital expenditure.
- Equity markets have been somewhat volatile in recent weeks, which could affect transaction activity and risk appetite.
- Despite strong fundraising, the company has a significant portion of its insurance capital in liquid credit positions, which may take one to two years to deploy into private funds.
- The company has been selective in monetizing assets within the real estate sector, indicating potential challenges in realizing value from this asset class.
- Brookfield Asset Management Ltd (BAM) has a light balance sheet with $1.9 billion of cash on hand, which may limit its ability to support large-scale acquisitions or strategic initiatives without additional financing.
Hello, and welcome to Brookfield Asset Management second quarter 2024 conference call and webcast. (Operator Instructions)
I would now like to hand the conference call over to our first speaker, Mr. Jason Fooks, Managing Director, Investor Relations. Please go ahead.
Thank you for joining us today for Brookfield Asset Management's earnings call on the call today, we have Bruce Flatt, our Chief Executive Officer, Conor TASKi, our President, and has a pure Marshall, our Chief Financial Officer. Bruce will start the call today with opening remarks followed by Conor, who will talk about some of the important themes we're focused on across the business, and finally hand to discuss our financial results and business operations.
After our formal comments we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we ask that you refrain from asking more than two questions at one time. If you have additional questions,
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