Brookfield elevates ex-goldman banker to CFO

WHEN WE SAW THAT NUMBER, $1.9 BILLION, WE THOUGHT IT WAS QUITE LOW AND COMMISSIONED A CONSULTANT. IT’S THREE TIMES HIGHER THAN WHAT IS HELD BY THE B.C. GOVERNMENT AND THAT’S JUST ONE PART OF THEIR RECLAIMING PROCESS. — SIMON WIEBE, WILDSIGHT

Brookfield Asset Management Ltd. appointed Hadley Peer Marshall as its chief financial officer, making her one of the most senior women in the executive suite at the Canadian investment firm.

She’ll replace Bahir Manios, who is exiting the company after about 20 years and has been in his current role since 2022.

Peer Marshall will continue as co-head of Brookfield’s infrastructure debt group in addition to her new responsibilities.

“Hadley has deep experience and knowledge of our business and operations,” president Connor Teskey said in a statement Tuesday. “Her acumen, energy and investor-focused perspective are ideally suited to advancing our position as a worldclass asset manager.”

The decision is effective May 31.

Prior to joining Brookfield in 2015, Peer Marshall held a senior position in the project finance and infrastructure group at Goldman Sachs Group Inc.

Manios — who has been Brookfield Asset’s chief financial officer since it was spun out of parent Brookfield Corp. in 2022 — will retire from the firm, according to the statement. He has held several roles within Brookfield, including chief financial officer of the infrastructure unit and chief investment officer of Brookfield Reinsurance.

“We think the retirement of Mr. Manios was unexpected, in part given his age (he is approximately 45) and the relatively short duration of his tenure as CFO,” RBC Capital Markets analyst Geoffrey Kwan said in a note.

SUCCESSION PLANS

Brookfield has set in motion succession plans on a number of its units, including elevating Teskey to president of the asset manager — a role that makes him a potential successor to Bruce Flatt, chief executive of both the asset manager and its parent company.

“I will become an executive chairman at some point,” Flatt said last month. “What that means is I’m here to help mentor young people, help with business development, look after clients — that can be helpful to the overall organization.”

Anuj Ranjan was named chief executive of Brookfield’s private equity unit business in February, succeeding Cyrus Madon, who became executive chairman of that unit.

Several senior executives have departed Brookfield in the past two years, including Zachary Vaughan, who was chief executive of a Brookfield-managed real estate trust for wealthy investors, and Mark Weinberg, who had helped lead Brookfield’s private equity unit in the United States and left to join Josh Harris’s 26North Partners LP.

Brookfield Corp. spun off 25 per cent of its asset management business into a publicly listed entity to split the firm’s fee-generating assets from its own capital. The firm aims to more than double assets under management to US$2 trillion in 2028 from US$916 billion at year end, including the parent company’s capital.

THE RETIREMENT OF MR. MANIOS WAS UNEXPECTED.