On Wall Street, there’s no shortage of sharp elbows and big egos. Now comes a new power player who doesn’t quite fit the bill. He’s a trained accountant, raised and schooled in Winnipeg, Manitoba, and his latest move is rocking the world of finance.
“This deal makes all the sense in the world for Brookfield,” says Thomas Gayner, the co-CEO of Markel Corp., an insurance holding company that’s a big and long-term owner of both Brookfield and Oaktree shares. “I’m just processing it myself,” he adds after picking up a phone call byFounded in 1995, Oaktree is considered among the savviest distressed-debt investors on the planet, having made a fortune from downturns like the early 2000s dot.
“When you look at Oaktree, it has a similar value orientation to investing as us. Our mindset is the same, but they offer products in credit that are different than ours,” Flatt tells. “Both of us have great businesses, and we could have carried on doing what we are doing. We could have built a credit business on our own, but it would have taken 15 years to build what Oaktree has.”
For Oaktree, Marks believes Brookfield’s size and scale will bring in new clients and capabilities around the world. “We will add a credit capability to their product world, which is extremely important. I believe we will have the broadest of offerings in the alternative investing world,” he says. Beginning in 2022, employees at Oaktree will have the option to sell their shares to Brookfield, as will top brass. However, Brookfield won’t be able to take full control of Oaktree until 2029, and Marks and Karsh are selling just 20% of their holdings in Wednesday’s deal.
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