Deal would value West Side office campus at $3.5 billion and is expected to close in next few months.
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Insurance companies are increasingly investing policyholders’ money in private credit sold by parent firms or affiliated parties, an approach critics say sets up potential conflicts of interest. Wall Street’s biggest private asset managers have flocked to life insurance over the past decade, viewing insurers’ huge portfolios as a perfect match for their investment products. Now insurer portfolios are filling up with products created by related private-equity firms such as Apollo Asset Management and Brookfield Asset Management So-called affiliated assets grew 22% to a combined $127 billion over the past year for six private-equity linked life insurers tracked by The Wall Street Journal.
Brookfield Corporation reported improving first-quarter results.
Brookfield Corporation (NYSE:BN) shares rose about 2% in premarket trading on Thursday after the company reported first-quarter earnings that came in ahead of analyst forecasts. Brookfield posted distributable earnings per share of $0.