Brookfield Asset Managements CEO wishes Howard Marks, Co-founder of Oaktree Capital, to continue doing his investment task.
In March 2019, the Canada-based asset management company heralded that it would take major shareholdings in Oaktree Capital. Theres speculation that Bruce Flatt, CEO of Brookfield, become a successor of Oaktree Capital, following Howard Marks.
Marks is essentially known in the investment sphere for writing memorandums to Oaktree Clientele. He has been writing these memos since the 1990s and also, includes Warren Buffett as one of the keen readers.
"We want Mr Marks to keep doing what he does, we want him to keep writing his letters. He didn't quite commit to 25 years but I told him 25 years would be helpful," Bruce Flatt, CEO of Brookfield, told the international daily news, Reuters.
Flatt told that the Canadian asset management firm, BAM which has agreed to procure 62 per cent shares in Oaktree Capital for the sum $4.8 Billion, does not have any further plans to procure assets as of now.
Furthermore, Flatt said the company does not plan to increment its shares to 100 per cent, though it can do so as per the Concord after 2022.
"We weren't interested in a 100 per cent of the company because we wanted them to run the business and we wanted them to remain with the business to keep their stake. Our goal is to keep the Oaktree brand to continue those strategies within Oaktree and differentiate them in that way," Flatt said.