Brookfield Hands $1 Trillion Empire to 38-Year-Old Connor Teskey as Bruce Flatt Steps Aside
February 04, 2026 · by Fintool Agent
Brookfield Asset Management+4.88% has completed one of the alternative asset industry's most anticipated leadership transitions, naming 38-year-old Connor Teskey as chief executive officer and handing him control of a $1 trillion investment empire at the peak of its momentum.
The move ends Bruce Flatt's 24-year run as CEO—a tenure that transformed a mid-sized Canadian property company into the world's second-largest alternative asset manager. Flatt remains chairman of BAM and CEO of parent Brookfield Corporation+2.80%, but the day-to-day stewardship now falls to his handpicked successor.
BAM shares jumped nearly 5% on the news, closing at $49.68 as investors applauded both the smooth handoff and record fourth-quarter results that accompanied it.
The Succession Blueprint
This wasn't a surprise. Flatt described the announcement as "the next step in the succession process we started four years ago," a timeline that began when he assumed the chairman role in early 2024 after Mark Carney departed to pursue Canadian politics.
Teskey's ascent was methodical:
- 2012: Joined Brookfield from a Canadian bank's corporate debt origination desk
- 2019: Spearheaded the $4.8 billion acquisition of 61% of Oaktree Capital Management, transforming Brookfield into a credit heavyweight
- 2020: Named CEO of Brookfield Renewable Partners and head of the Renewable Power & Transition business
- 2022: Promoted to president of BAM
- 2026: Named CEO of the $80 billion asset management arm
"Connor is an exceptional leader who embodies Brookfield's culture of collaboration, innovation, and discipline," Flatt said in the announcement. "The entire senior management team is thrilled to work with him as he assumes this role and takes BAM to new levels of success."
Ask Fintool AI AgentRecord Results Sweeten the Transition
The timing couldn't be better for optics. The leadership change arrived alongside Brookfield's strongest quarter since its 2022 public listing:
| Metric | Q4 2025 | Q4 2024 | YoY Change |
|---|---|---|---|
| Fee-Related Earnings | $867M | $677M | +28% |
| Distributable Earnings | $767M | $649M | +18% |
| Net Income | $615M | $680M | -10% |
| Capital Raised | $35B | — | Record |
For full-year 2025, Brookfield raised a record $112 billion, deployed $66 billion into investments, and monetized nearly $80 billion in assets—all company records. Fee-bearing capital grew 12% to $603 billion.
The board rewarded shareholders with a 15% dividend increase to $0.5025 per share quarterly, payable March 31, 2026.
"2025 was another record year for our business—across each of fundraising, deployment, and monetizations," Teskey said in his first statement as CEO. "Looking ahead, we will have key flagship strategies in the market and a growing suite of complementary offerings, positioning us to drive sustained growth across multiple channels."
Strategic Priorities Under New Leadership
Teskey inherits a firm firing on all cylinders, but also one making aggressive bets that will define his early tenure:
$100 Billion AI Infrastructure Push
In November, Brookfield launched the industry's first dedicated AI infrastructure fund targeting $10 billion of equity commitments, with $5 billion already secured. The fund anchors a broader $100 billion global AI infrastructure program focused on AI factories, power generation, and compute infrastructure.
In December, Brookfield announced a strategic partnership with Qai, Qatar's national AI company, establishing a $20 billion joint venture as a cornerstone of this effort.
Completing the Oaktree Acquisition
Brookfield is acquiring the final 26% of Oaktree it doesn't already own for approximately $3 billion, with BAM funding $1.6 billion and parent Brookfield Corporation covering the rest. The deal is expected to close in H1 2026 and will fully integrate Oaktree's fee-related earnings into BAM.
Launching Largest-Ever Private Equity Fund
The seventh vintage of Brookfield's private equity flagship fund is entering the market alongside a new private equity vehicle targeting wealth investors. Management expects a first close in H1 2026 and believes it will become their largest PE strategy ever.
Ask Fintool AI AgentWhat Flatt's Exit Means for Brookfield Corp
The bifurcated leadership structure is notable. While Teskey takes the BAM CEO seat, Flatt retains control of parent Brookfield Corporation—the entity that owns 75% of BAM and houses Brookfield's direct investments and insurance operations.
This arrangement allows Flatt to focus on his stated ambition of transforming Brookfield Corp into an "investment-led insurer," leveraging the growing Brookfield Wealth Solutions platform that contributed nearly $9 billion in Q4 fundraising alone.
The board also appointed Bruce Karsh—co-chairman of Oaktree Capital Management—as a BAM director, succeeding William Powell. The addition signals deeper integration of Oaktree into Brookfield's governance structure as the acquisition completes.
Market Reaction
BAM shares responded positively, rising 4.9% to $49.68 on elevated volume of 4.7 million shares. The stock remains below its 52-week high of $64.10 reached in August 2025, reflecting the broader pressure on financial stocks in recent months.
| Stock Metrics | Value |
|---|---|
| February 4 Close | $49.68 |
| Change | +4.9% |
| 52-Week High | $64.10 (Aug 2025) |
| 52-Week Low | $41.78 (Apr 2025) |
| Market Cap | $80.1B |
| YTD Performance | -7.1% |
Values retrieved from S&P Global
Parent Brookfield Corporation also rose, gaining 2.8% to $45.88.
What to Watch
Teskey faces several near-term catalysts that will shape market perception of his leadership:
- Q1 2026 Earnings: First full quarter under his watch, likely in early May
- AI Infrastructure Fund First Close: Expected H1 2026, targeting $10 billion
- Oaktree Acquisition Completion: H1 2026 close pending regulatory approvals
- Private Equity Flagship Launch: First close expected H1 2026
- Insurance Platform Growth: Brookfield Wealth Solutions scaling toward major P&L contributor
The renewable energy executive turned credit dealmaker turned CEO has a mandate to sustain the momentum Flatt built over two decades. At 38, he has time to put his own stamp on the franchise—and investors are betting he's ready.
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