Brookfield Asset Management Promotes Connor Teskey to CEO

Brookfield Asset Management (BAM) has promoted Connor Teskey to CEO, Brookfield executives announced during a Wednesday morning earnings call.

Teskey, who joined the $1 trillion asset manager in 2012 and was named president in 2022, will replace long-serving CEO Bruce Flatt, who will remain in his positions as chair of BAM’s board and the CEO of parent Brookfield Corporation.

It’s unclear when Teskey will move into his new role, but he said Wednesday he will focus on attracting client money to invest in physical infrastructure to support artificial intelligence technology. Meanwhile, Flatt, who joined Brookfield in 1990 and became CEO in 2002, will turn his focus to transforming Brookfield Corporation into “an investment-led insurer,” Bloomberg reported.

The move also makes Teskey, 38, one of the youngest executives to run a major firm on Wall Street.

“I’m honored to be assuming this new role, especially at such an exciting time in BAM’s growth story,” Teskey said during the Wednesday earnings call. “I look forward to continuing to work closely with our team to deliver strong results for our clients and our shareholders and continue to grow our business around the mega trends shaping the backbone of the global economy.”

“Today’s announcement will set up our next generation of leaders who will guide the company in the coming decades,” Flatt added in a statement. “Connor is an exceptional leader who embodies Brookfield’s culture of collaboration, innovation and discipline.”

In addition to a major personnel announcement Wednesday, BAM also reported strong earnings for the fourth quarter of 2025 and for 2025 as a whole.

BAM’s distributable earnings during the fourth quarter were $767 million, or 47 cents per share, compared to $661 million, or 41 cents per share, during the third quarter of 2025, according to BAM’s fourth-quarter earnings report released Wednesday.

The asset manager’s net income totaled $615 million during the fourth quarter — a 15 percent drop from the $724 million during the previous quarter — and $2.4 billion for all of 2025, compared to $2.2 billion in 2024. Meanwhile, BAM’s revenue for the fourth quarter was $1.5 million, compared to $1.2 million during the same period in 2024.

It’s also already been a busy week for BAM on the news front. Earlier this week, BAM announced it reached an approximately $1.2 billion deal to acquire California-based real estate investment trust Peakstone Realty Trust, which focuses on industrial properties in the U.S. Once the deal is complete, BAM will take over Peakstone’s national portfolio of 76 industrial properties, 60 of which are industrial outdoor storage properties.

BAM also announced in December that it entered an agreement with Singaporean sovereign-wealth fund GIC to buy Australian self-storage operator National Storage REIT for almost $4.5 billion, the Wall Street Journal reported.

BAM isn’t just focused on industrial deals — the asset manager is also focusing on the AI boom. In November, BAM launched a $100 billion global AI infrastructure program, anchored by the Brookfield AI Infrastructure Fund. The fund is targeting $10 billion of equity commitments and will focus on investing in physical infrastructure that supports AI, including “AI factories, power generation, computer infrastructure and other strategic adjacencies,” BAM wrote in its earnings report.

In December, the asset manager also teamed with a subsidiary of the Qatar Investment Authority to form a $20 billion venture focused on AI infrastructure in Qatar and other international markets, according to WSJ.

Isabelle Durso can be reached at idurso@commercialobserver.com.