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Brookfield Asset Management Inc
Symbol C : BAM.A
Shares Issued 989,863,115
Close 2018-03-13 C$ 51.24
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Globe says Brookfield loses retirement-home expert

2018-03-14 08:20 ET - In the News

The Globe and Mail reports in its Wednesday edition that Brookfield Financial has lost another retirement-home banker, the second departure in less than six months. The Globe's Rachelle Younglai writes that Owen Cartwright's exit from Brookfield Financial comes after the November departure of Greg Kalil, one of the investment bank's rainmakers and seniors' living and retirement-care expert. Both Mr. Cartwright and Mr. Kalil had worked on the $1-billion-plus sale of a B.C. retirement chain, Retirement Concepts, to China's Anbang Insurance Group. Since the deal closed last year, the Chinese government has seized Anbang and ousted its chairman in an attempt to crack down on corruption. The future of Anbang's assets is now up in the air. The Chinese insurer owns property in multiple countries, including the Waldorf Astoria hotel in New York and the Bentall office complex in Vancouver. The departures of Mr. Cartwright and Mr. Kalil leave Brookfield Financial without the same depth of expertise in retirement care and senior-living properties, a notoriously complicated type of real estate to value. It is not known whether the Chinese government will sell any of Anbang's Canadian assets.

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