Brookfield Asset Management Ltd. BAM

The business

BAM is the manager Brookfield Corporation spun out and then reconsolidated: since last year's restructuring it owns 100% of the asset-management business, its parent owns roughly 73% of it, and the public float owns the rest. The product is fees on $672B of fee-bearing capital across renewables, infrastructure, real estate, credit and the Oaktree franchise, whose remaining stake was absorbed this month. Nearly all earnings are fee-related, the recurring toll, which is the pitch: an asset-light royalty on the private-markets industry, now steered from New York by newly appointed chief executive Connor Teskey, with the OpenAI relationship and AI-infrastructure funds as the growth story.