01—Abstract
Summary
Summary of the 6-K filed March 19, 2024. Cited figures are marked; the original filing is the authoritative source.
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) furnished a Form 6-K on March 19, 2024, attaching a press release that announces two items.
First, the company has filed its 2023 annual materials, including audited financial statements and management's discussion and analysis for the year ended December 31, 2023, on Form 40-F with the SEC and on SEDAR with Canadian regulators. Copies are available on the company's website, and hardcopies are available free of charge to shareholders on request. The filing does not itself disclose 2023 financial results, so investors will need to review the annual report for those figures.
Second, the Board appointed Hadley Peer Marshall as Chief Financial Officer, effective May 31, 2024. She succeeds Bahir Manios, who has served as CFO since BAM became a separate public company in 2022 and who is retiring. Mr. Manios will remain CFO through the release of first-quarter 2024 earnings and then serve as a strategic advisor.
Ms. Peer Marshall joined Brookfield in 2015 as co-head of infrastructure debt and structured solutions, and she will keep her infrastructure role alongside the CFO position. The management transition is orderly, with a defined overlap period and an advisory role for the outgoing CFO. Investors should watch the first-quarter 2024 earnings call and the subsequent handover, since the filing provides no further detail on the change.
02—Key points
Key Highlights
- BAM filed its 2023 annual materials (audited financial statements and MD&A for the year ended December 31, 2023) on Form 40-F with the SEC and on SEDAR.
- Hadley Peer Marshall was appointed Chief Financial Officer, effective May 31, 2024.
- Ms. Peer Marshall joined Brookfield in 2015 and is co-head of infrastructure debt and structured solutions, and she has over 20 years of experience in asset management, investing, capital markets and fundraising.
- Bahir Manios, CFO since BAM's 2022 separation, is retiring. He stays as CFO through the Q1 2024 earnings announcement (until May 31) and will then serve as a strategic advisor.
- Connor Teskey, President of BAM, described Ms. Peer Marshall as well suited to advancing BAM's position as a world-class asset manager, citing her investor-focused perspective.
- The company describes itself as a pure-play alternative asset manager with over $900 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate and credit.
- The filing contains no new financial results, guidance, or operating metrics beyond the AUM figure in the boilerplate.
03—Questions
Frequently Asked Questions
Does this filing report BAM's 2023 financial results?
No. The press release states that the 2023 audited financial statements and MD&A were filed on Form 40-F and SEDAR. The 6-K itself does not report earnings, revenue, or other 2023 results, so investors should consult the annual report.
Why is the CFO changing, and who is taking over?
Bahir Manios is retiring after completing the launch of BAM as a separate public company and its first full year as a listed entity. Hadley Peer Marshall, currently co-head of infrastructure debt and structured solutions, will become CFO effective May 31, 2024. Mr. Manios remains CFO through the Q1 2024 earnings release and then becomes a strategic advisor.
Will Ms. Peer Marshall leave her infrastructure role?
No. The release says she will continue in her infrastructure role alongside her new responsibilities as CFO.
Is the CFO transition likely to disrupt operations?
The release suggests the transition is planned. Mr. Manios will overlap with the new CFO through the Q1 2024 results and will stay on as a strategic advisor to ensure a smooth handover. The filing does not discuss any financial or operational impact beyond this.
Where can shareholders get the annual report?
The 2023 annual materials are available on EDGAR, on SEDAR, and at www.bam.brookfield.com. Shareholders can also request a free hardcopy from the company.
04—Continue