Brookfield Asset Management Grows Fee Income 22%, Taps Connor Teskey as New CEO

Brookfield Asset Management’s fee-related earnings jumped 22 percent to $3 billion in 2025, as the North American giant expanded its platforms in fast-growing segments like private credit and AI-driven digital infrastructure.

Fee-bearing capital grew 12 percent last year to $603 billion on fundraising of $112 billion, led by a record quarterly raise of $35 billion in the fourth quarter, the fund management arm of Toronto-based Brookfield Corporation said in results published this week. Distributable earnings and net income each climbed 14 percent to $2.7 billion and $2.4 billion, respectively.

The company also announced that the board has approved Connor Teskey to succeed Bruce Flatt as CEO of Brookfield Asset Management, with Flatt retaining his role as chief executive of the parent group, a manager of over $1 trillion in global assets on behalf of institutional clients.

“Today’s announcement is the next step in the succession process we started four years ago,” Flatt said. “This will set up our next generation of leaders who will guide the company in the coming decades.”

Digital Infrastructure Boost

The fourth quarter saw Brookfield raise $7 billion for its infrastructure strategies, including $5 billion in capital commitments for a global AI infrastructure fund targeting $10 billion in equity.

Brookfield Artificial Intelligence Infrastructure Fund secured commitments from investors including chip titan Nvidia and the Kuwait Investment Authority. With further capital from co-investors and additional financing, BAIIF aims to acquire up to $100 billion in assets at every stage of the value chain, from energy and land to data centres and compute tech.

The vehicle builds on the company’s previous bets on Digital Connexion, an Indian data centre joint venture with US trust Digital Realty and Mumbai-based Reliance Industries, as well as multi-national platforms Compass Datacenters and DCI Data Centres.

Brookfield’s fourth-quarter fundraising was led by $23 billion in capital for credit strategies, followed by $1.6 billion for private equity, $1.1 billion for renewable power and transition, and no fresh funds for real estate.

For the quarter, Brookfield chalked up $1.8 billion in real estate investments, including a $262 million Singapore industrial portfolio acquired from ESR REIT, and $2.6 billion in divestments, including the $1.5 billion disposal of the Ecoworld business park in India’s Bengaluru and the $692 million sale of Cheongna Logistics Center in South Korea’s Incheon to KKR.

Veteran Takes Helm

Teskey takes the reins at Manhattan-headquartered Brookfield Asset Management after serving in various posts since joining the group in 2012.

The University of Western Ontario grad rose to become CEO of Brookfield’s renewable power and transition business in 2020 and was appointed president of Brookfield Asset Management in 2022.

Flatt joined Brookfield Corporation in 1990 and became CEO in 2002. He also sits as chairman of the board at Brookfield Asset Management and will continue in that role, according to this week’s announcement.

“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,” Teskey said.