BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Brookfield Asset Management Fourth Quarter 2021 Results Conference Call. Please be advised that today's conference is being recorded.

女士們，先生們，感謝您的支持，並歡迎參加布魯克菲爾德資產管理公司 2021 年第四季度業績電話會議。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Ms. Suzanne Fleming, Managing Partner. Please go ahead.

我現在想將會議交給您的發言人，管理合夥人蘇珊娜·弗萊明女士。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Brookfield's Fourth Quarter and 2021 Full Year Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, our Chief Financial Officer; and Natalie Adomait, Managing Director in our Renewable Power and Transition Group. Bruce will start off by giving a business update, followed by Nick who will discuss our financial and operating results. And finally, Natalie will give an update on our transition strategy. After our formal remarks, we'll turn the call over to the operator and take analyst questions. (Operator Instructions)

謝謝接線員，大家早上好。歡迎來到布魯克菲爾德第四季度和 2021 年全年電話會議。今天的電話會議是我們的首席執行官 Bruce Flatt；我們的首席財務官尼克古德曼；我們的可再生能源和轉型集團董事總經理 Natalie Adomait。 Bruce 將首先提供業務更新，然後 Nick 將討論我們的財務和運營結果。最後，Natalie 將介紹我們的過渡策略。在我們正式發言後，我們會將電話轉給接線員並回答分析師的問題。 （操作員說明）

I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. Securities laws. These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impact on our company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

我想提醒您，在今天的評論中，包括在回答問題和討論新舉措以及我們的財務和經營業績時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國含義內的前瞻性陳述證券法。這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類陳述大不相同。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。

And with that, I'll turn the call over to Bruce.

有了這個，我會把電話轉給布魯斯。

Thank you, Suzanne, and welcome, everyone on the call. We reported strong results for the year, with record total net income of $12.4 billion and distributable earnings for common shareholders of $6.3 billion. Results were driven by $71 billion of inflows of capital and associated fee-related earnings, strong performance from our principal investments and gains in carry received from $42 billion of asset sales where we booked $16 billion of gains, $12 billion for clients and $4 billion which came to BAM.

謝謝你，蘇珊娜，歡迎來電的每一個人。我們報告了今年強勁的業績，淨收入總額達到創紀錄的 124 億美元，普通股股東的可分配收益達到 63 億美元。結果是由 710 億美元的資本流入和相關的費用相關收益、我們的主要投資的強勁表現以及從 420 億美元的資產出售中獲得的套利收益推動的，我們記賬了 160 億美元的收益、120 億美元的客戶收益和 40 億美元的收益。來到BAM。

As we enter 2022, the normalization of Central Bank monetary policy has caused volatility in the markets, mostly in sectors trading at high multiples. Those did not affect us in any major way. Our general view is that this has been a healthy rerating and will likely create opportunity. For our business, with interest rates still very low on a relative basis and expected to stay so for some time, combined with the positive inflation of revenues, we are seeing a positive backdrop for most of our businesses.

隨著我們進入 2022 年，央行貨幣政策的正常化導致市場波動，主要是在高倍數交易的行業。這些並沒有對我們產生任何重大影響。我們的總體觀點是，這是一次健康的重估，可能會創造機會。就我們的業務而言，相對而言，利率仍然非常低，預計會持續一段時間，再加上收入的正向通脹，我們的大多數業務都處於積極的背景下。

Our asset management business is continuing to attract large amounts of capital with our product offerings aligned around several positive global investment themes. Our underlying operations continue to strengthen. Coming out of the recession and with many of our businesses generating inflation-linked cash flows or position to benefit from economic growth, we are well positioned.

我們的資產管理業務繼續吸引大量資金，我們的產品圍繞幾個積極的全球投資主題提供。我們的基礎業務繼續加強。從經濟衰退中走出來，我們的許多業務都在產生與通貨膨脹相關的現金流或從經濟增長中受益，我們處於有利地位。

Turning now to our strategic initiatives, 2021 was a busy year in that regard. First off, we spun out and paired our reinsurance business, establishing BAMR. Subsequent to that, we completed a number of reinsurance agreements and committed to acquire American National, which we expect to close in the coming months. American National will give us a U.S. insurance platform and provide us with direct origination capabilities. In total, we are heading towards $50 billion of insurance AUM and the team is just getting started.

現在轉向我們的戰略舉措，在這方面，2021 年是忙碌的一年。首先，我們將再保險業務分拆並配對，建立了 BAMR。之後，我們完成了多項再保險協議，並承諾收購 American National，我們預計將在未來幾個月內完成收購。 American National 將為我們提供一個美國保險平台，並為我們提供直接發起能力。總的來說，我們正朝著 500 億美元的保險資產管理規模邁進，而我們的團隊才剛剛起步。

Second, we privatized our real estate business. In short, we own one of the highest quality portfolios of prime properties in the world. Real estate securities were, and in fact still are, trading in the market at discounts to their fair value. On the other hand, private markets are not. BPY shareholders were offered the ability to participate in BAM. So in our view of privatization, was a win-win. To date, it has turned out to be that way for everyone. In the last year, the tone of the private real estate market has improved dramatically, and liquidity in private markets is now returning to pre-pandemic levels. The recovery started with the growth sectors like industrial and life sciences followed by multifamily and has now turned to office with the rest to follow.

其次，我們將房地產業務私有化。簡而言之，我們擁有世界上最優質的優質物業組合之一。房地產證券過去和事實上仍然以低於其公允價值的價格在市場上交易。另一方面，私人市場則不然。 BPY 股東獲得了參與 BAM 的能力。所以在我們看來，私有化是雙贏的。迄今為止，事實證明每個人都是這樣。去年，私人房地產市場的基調顯著改善，私人市場的流動性正在恢復到大流行前的水平。復甦始於工業和生命科學等增長領域，然後是多戶家庭，現在已經轉向辦公室，其餘部門緊隨其後。

In accordance with the plans we laid out for you at the time, we recently sold approximately $10 billion of real estate across a various variety of sectors. We realized a gain of $2 billion above purchase price last year in these sales, representing a 47% annualized gain on the asset portion of ours. A good example of this is One Manhattan West, which is a phenomenal office tower in New York City we completed in 2019 in a complex where we own 5 other towers. We recently signed an agreement to sell a stake in it, which values the property at $2.9 billion, representing a 2.5x multiple of capital and a 25% IRR since we started it. We're also retaining a controlling stake in the property that will continue to provide us with long-term compounding cash flows going forward. As the recovery continues to gather pace, we are well positioned to strategically monetize further select assets and unlock more value in our real estate to be deployed elsewhere.

根據我們當時為您制定的計劃，我們最近在各個行業出售了大約 100 億美元的房地產。去年，我們在這些銷售中實現了比購買價格高出 20 億美元的收益，即我們資產部分的年化收益為 47%。一個很好的例子是曼哈頓西區，這是紐約市一座非凡的辦公大樓，我們於 2019 年在我們擁有其他 5 座塔樓的綜合體中完成。我們最近簽署了一項出售其股份的協議，該資產的估值為 29 億美元，自我們啟動以來，相當於資本的 2.5 倍和 25% 的內部收益率。我們還保留了該物業的控股權，這將繼續為我們提供未來的長期復合現金流。隨著復甦步伐繼續加快，我們已做好充分準備，可以從戰略上將更多精選資產貨幣化，並在我們的房地產中釋放更多價值，以部署到其他地方。

Our third strategic initiative was to repackage, rebrand and expand our renewables investing strategy into a fund for transition to Net Zero. This culminated in a large fund which will close at $15 billion shortly. Natalie Adomait is here today to provide more details for you on that.

我們的第三項戰略舉措是重新包裝、重塑品牌並將我們的可再生能源投資戰略擴展為向淨零過渡的基金。這最終形成了一個大型基金，不久將收盤價為 150 億美元。 Natalie Adomait 今天在這里為您提供更多詳細信息。

Our last strategic initiative was a review of our overall structure of our asset management business as the financial markets evolve. As noted in our year-end letter, over the past 25 years, we have become one of the largest, fastest-growing and most diversified managers globally. Combined with the fact that we have very long duration annuity-like cash flows, our manager is now of the scale that it could be separated out from the rest of our capital. In a market environment that seemingly prefers asset-light managers, it may therefore make sense to separate part of the manager and offer investors a security that owns our asset manager separate from our capital.

我們的最後一項戰略舉措是隨著金融市場的發展對我們資產管理業務的整體結構進行審查。正如我們在年終信中指出的那樣，在過去的 25 年裡，我們已成為全球規模最大、增長最快和最多元化的管理公司之一。再加上我們有很長期限的類似年金的現金流，我們的經理現在的規模可以從我們的其他資本中分離出來。因此，在看似偏愛輕資產管理人的市場環境中，將管理人的一部分分離出來並為投資者提供一種擁有我們資產管理人與我們的資本分開的證券可能是有意義的。

For backdrop, based on comparable multiples for pure-play asset-light alternative investment managers, our managers should be valued in the range of $70 million to $100 billion. This is in addition to the $50 billion of net capital that we have invested in our businesses today. If we separate part of the manager, this could increase the simplicity and ease of valuing our asset management business, provide a security for those that wish asset-light, and also possibly open up new growth options for the overall business. As you all know, our business has compounded at an annualized return of 20% for 20 years. Our job is always to continue to invest well, take care of our clients, and review our structure from time to time to ensure we unlock value for all shareholders. We will report on this as we move along. As always, thank you for your support. And with that, I'll turn the call over to Nick to tell you about our financial results.

作為背景，根據純輕資產另類投資經理的可比倍數，我們的經理的估值應在 7000 萬至 1000 億美元之間。這是我們今天投資於業務的 500 億美元淨資本的補充。如果我們將經理的一部分分開，這可以增加我們資產管理業務估值的簡單性和易用性，為那些希望輕資產的人提供安全保障，也可能為整體業務開闢新的增長選擇。眾所周知，我們的業務在 20 年內以 20% 的年化回報率複合。我們的工作始終是繼續進行良好的投資，照顧我們的客戶，並不時審查我們的結構，以確保我們為所有股東釋放價值。隨著我們的進展，我們將對此進行報告。一如既往，感謝您的支持。有了這個，我會把電話轉給尼克，告訴你我們的財務業績。

Thank you, Bruce, and good morning, everyone. We had strong financial results for the year with record net income of $12.4 billion, and this compares to $707 million of net income in the prior year. Distributable earnings or DE for the year were $6.3 billion or $3.96 a share compared to $4.2 billion or $2.74 a share in 2020. The uplift in both net income and DE was due to excellent operating and financial performance across our businesses.

謝謝你，布魯斯，大家早上好。我們今年的財務業績強勁，淨收入達到創紀錄的 124 億美元，而上一年的淨收入為 7.07 億美元。今年的可分配收益或 DE 為 63 億美元或每股 3.96 美元，而 2020 年為 42 億美元或每股 2.74 美元。淨收入和 DE 的提升是由於我們業務的出色運營和財務業績。

Our asset manager continued its strong growth trajectory, supported by record levels of fundraising with total inflows of $71 billion. We ended the year with $364 billion of fee-bearing capital, an increase of 17% from the prior year. Inflows were supported by the continued scaling of our flagship funds as well as the success of many of our complementary product offerings. During the year, we held a final close for our latest opportunistic credit fund for $16 billion, the largest ever raised for the strategy, and we've been successful in deploying this capital at attractive returns with this fund already approximately 75% invested or committed today. We will shortly close on $15 billion for our transition fund and combined with our fourth flagship real estate fund, we have raised $24 billion in aggregate for those 2 funds to date.

在融資總額達到 710 億美元的創紀錄水平的支持下，我們的資產管理公司繼續保持強勁增長勢頭。到年底，我們的收費資本為 3640 億美元，比上年增長 17%。我們旗艦基金的持續擴張以及我們許多互補產品的成功支持了資金流入。在這一年中，我們以 160 億美元的價格完成了我們最新的機會主義信貸基金的最後收盤，這是該戰略有史以來籌集的最大資金，我們已經成功地以有吸引力的回報部署了這筆資金，該基金已經投資或承諾了約 75%今天。我們將很快為我們的過渡基金籌集 150 億美元，再加上我們的第四個旗艦房地產基金，迄今為止，我們已經為這兩個基金籌集了 240 億美元。

Our sixth flagship private equity fund launched fundraising in the fourth quarter, and we also recently started fundraising for our fifth flagship infrastructure fund. And to meet our clients' needs, we're also introducing new products. To give a couple of examples, our growth equity fund, which focuses on technology investments that are adjacent to our businesses, recently had a final close of over $500 million, and we've seen an accelerated pace of deployment for this fund. And as a result, we expect to be in the market with the next vintage shortly.

我們的第六個旗艦私募股權基金在第四季度啟動了籌資，我們最近也開始為我們的第五個旗艦基礎設施基金籌款。為了滿足客戶的需求，我們還推出了新產品。舉幾個例子，我們專注於與我們業務相關的技術投資的成長型股權基金最近最終收盤超過 5 億美元，我們看到該基金的部署步伐加快。因此，我們預計很快就會在市場上推出下一個年份。

We also launched our real estate secondary strategy, raised $2 billion of capital for it, and have now launched a traditional commingled fund. We also established a focused wealth solutions marketing group. This team is focused on developing and distributing our products into the private wealth channel, and this includes our traditional closed-end funds and new products, including our private non-traded REITs. The growth in fee-bearing capital directly resulted in higher fee-related earnings, which were $1.9 billion for the year, an increase of 33% from the prior period. And as the business scales, we would note that our margins continue to remain stable.

我們還推出了房地產二級戰略，為其籌集了 20 億美元的資金，現在已經推出了傳統的混合基金。我們還成立了一個專注的財富解決方案營銷小組。這個團隊專注於開發和分銷我們的產品到私人財富渠道，這包括我們傳統的封閉式基金和新產品，包括我們的私人非交易房地產投資信託基金。收費資本的增長直接導致與費用相關的收益增加，全年為 19 億美元，比上一期增長 33%。隨著業務規模的擴大，我們會注意到我們的利潤率繼續保持穩定。

In addition to the current capital-based earning management fees, we have $40 billion of additional committed capital that when invested will translate to approximately $400 million of incremental annual fee revenues, and this is a big tailwind to add to our earnings. And looking into 2022, we expect a notable step change in our fee earnings as we receive the full benefits from the funds raised in 2021 and our ongoing fundraising initiatives. As our earlier vintage funds mature, we are now realizing carried interest in each of our flagship strategies and in other complementary funds. We executed on a number of landmark capital recycling initiatives during the year, surfacing $42 billion of capital and crystallizing gains of $16 billion. We realized a record $1.7 billion of carried interest and $2.1 billion of disposition gains from principal investments.

除了目前以資本為基礎的收益管理費外，我們還有 400 億美元的額外承諾資本，投資後將轉化為大約 4 億美元的增量年費收入，這對我們的收益來說是一個很大的順風。展望 2022 年，隨著我們從 2021 年籌集的資金和正在進行的籌款計劃中獲得全部收益，我們預計我們的費用收入將發生顯著變化。隨著我們早期的老式基金成熟，我們現在意識到我們對每個旗艦策略和其他補充基金的附帶權益。年內，我們執行了多項具有里程碑意義的資本回收計劃，籌集了 420 億美元的資本，並實現了 160 億美元的收益。我們從本金投資中實現了創紀錄的 17 億美元附帶權益和 21 億美元的處置收益。

Our remaining investments continue to perform very well across all our managed funds. We generated $5 billion of unrealized carried interest during the year, increasing the total accumulated unrealized carried interest by 107% to $7.7 billion net of that realized into income. We are projecting to realize up to $1 billion of carried interest in 2022 as we continue to execute on asset sales.

我們剩餘的投資在我們所有的管理基金中繼續表現良好。我們在這一年產生了 50 億美元的未實現附帶權益，使累計未實現附帶權益總額增加了 107%，達到 77 億美元（扣除已實現收入的淨額）。隨著我們繼續執行資產出售，我們預計在 2022 年實現高達 10 億美元的附帶權益。

Lastly, our principal investments continue to provide strong and steady contributions to our distributable earnings. This year, distributions from our investments were $2.2 billion, 19% higher than the prior year. The increase was driven by distribution growth at BIP and BEP and the higher ownership of our real estate business. Funds from operations, or FFO before realizations, increased 15% compared to the prior year. The increase is largely driven by the continued growth in our asset management franchise, strong organic growth across our existing operations, as well as contributions from recent acquisitions. Including realizations, FFO grew by 46% to $7.6 billion. And it's worth noting that going forward to further enhance and align our financial disclosure, we will use DE as the primary measure of our performance.

最後，我們的主要投資繼續為我們的可分配收益提供強勁而穩定的貢獻。今年，我們的投資分配為 22 億美元，比上年增長 19%。這一增長是由 BIP 和 BEP 的分銷增長以及我們對房地產業務的更高所有權推動的。運營資金或實現前的 FFO 與上一年相比增加了 15%。這一增長主要是由於我們資產管理業務的持續增長、我們現有業務的強勁有機增長以及近期收購的貢獻。包括變現，FFO 增長了 46%，達到 76 億美元。值得注意的是，為了進一步加強和調整我們的財務披露，我們將使用 DE 作為我們績效的主要衡量標準。

Our liquidity position remains very strong. In addition to $77 billion of uncalled fund commitments, we have approximately $15 billion of core liquidity, meaning we have a total of $92 billion of deployable capital. This is further bolstered by our annualized DE before realizations. Our scale capital will continue to allow us to capitalize on the attractive investment opportunities we see every day.

我們的流動性狀況仍然非常強勁。除了 770 億美元的未收回資金承諾外，我們還有大約 150 億美元的核心流動性，這意味著我們總共擁有 920 億美元的可部署資本。我們在實現之前的年度化 DE 進一步支持了這一點。我們的規模資本將繼續使我們能夠利用我們每天看到的有吸引力的投資機會。

Before I hand the call over to Natalie to discuss our transition strategy, I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.14 a share payable at the end of March, representing an 8% increase over the prior quarter. Natalie?

在我將電話轉給 Natalie 討論我們的過渡戰略之前，我很高興地確認，我們的董事會已宣佈在 3 月底支付每股 0.14 美元的季度股息，比上一季度增加 8%。娜塔莉？

Thanks, Nick, and good morning, everyone. I'm pleased to be here today to talk to you about Brookfield's new transition fund and the exciting opportunities we see for this strategy. Climate change is one of the most pressing and significant issues facing the economy today. While climate change has been a focused topic for governments for years, the pace at which corporates are making commitments to lower emissions to Net Zero are now accelerating at a rapid pace. In the last 2 years, we've seen emissions covered by Net Zero commitments triple, an increase in the number of commitments of 7x for countries, 5x for companies. And finally, commitments from the financial sector recognized by the Glasgow Financial Alliance for NetZero increased 26x from $5 trillion to over $130 trillion.

謝謝，尼克，大家早上好。我很高興今天來到這裡與您討論 Brookfield 的新過渡基金以及我們看到的這一戰略令人興奮的機會。氣候變化是當今經濟面臨的最緊迫和最重要的問題之一。儘管氣候變化多年來一直是政府關注的話題，但企業承諾將排放量降至淨零的速度現在正在迅速加快。在過去 2 年中，我們看到淨零承諾所涵蓋的排放量增加了兩倍，國家的承諾數量增加了 7 倍，公司的承諾數量增加了 5 倍。最後，格拉斯哥金融聯盟認可的金融部門對 NetZero 的承諾增加了 26 倍，從 5 萬億美元增加到超過 130 萬億美元。

Achieving Net Zero emissions and more specifically the goals of the Paris Agreement, will require a massive amount of capital. It is estimated that over $150 trillion will need to be invested through 2050 to drive the decarbonization of energy systems and our economy. That's approximately $5 trillion every year. At Brookfield, we are rising to meet this capital need and exciting investment opportunity. We are currently in the final stages of raising approximately $15 billion for our first flagship transition fund, the Brookfield Global Transition Fund, of which Brookfield itself will be the largest investor. And our fundraising has exceeded our expectations. Once we reach final close, we will have raised more capital and faster than we had planned, and we have already started to put that capital to work.

實現淨零排放，更具體地說是《巴黎協定》的目標，將需要大量資金。據估計，到 2050 年將需要超過 150 萬億美元的投資來推動能源系統和我們經濟的脫碳。這大約是每年 5 萬億美元。在布魯克菲爾德，我們正在努力滿足這種資本需求和令人興奮的投資機會。我們目前正處於為我們的第一個旗艦轉型基金——布魯克菲爾德全球轉型基金籌集約 150 億美元的最後階段，布魯克菲爾德本身將成為其中最大的投資者。我們的籌款活動超出了我們的預期。一旦我們達到最終收盤價，我們將籌集到比我們計劃的更多和更快的資金，並且我們已經開始將這些資金投入使用。

The success of our fundraising demonstrates that we have many like-minded investors who also recognize the urgency and the magnitude of capital required to transition the global economy to Net Zero. More importantly, they also understand that this investment opportunity can deliver strong financial returns and also a positive environmental impact. But more than that, our investors have chosen to invest with us because they recognize that in order to be a successful investor in decarbonization, it is essential to not only have access to capital, but to have deep operating expertise, particularly in power markets and renewables, both of which Brookfield has a proven track record in. The reason this expertise is so important is because about 3/4 of global carbon emissions can be traced back directly or indirectly to power generation and the energy sector. Every business uses energy. Therefore, if you can help decarbonize the production of energy and electricity, you can enable the decarbonization of every industry in the world. And if renewables are the first step to decarbonization, we think our platform puts us in a leadership position. To date, we own and operate one of the largest renewable power platforms globally. We are a leader in major renewable technologies and perhaps, most importantly, operate in every major power market around the world. We have operating and development capabilities as well as local M&A teams sourcing and identifying decarbonization investments across every continent.

我們籌款的成功表明，我們有許多志同道合的投資者，他們也認識到全球經濟向淨零轉型所需的緊迫性和資本規模。更重要的是，他們也明白這種投資機會可以帶來豐厚的財務回報，同時也對環境產生積極的影響。但更重要的是，我們的投資者之所以選擇與我們進行投資，是因為他們認識到，要想成為脫碳領域的成功投資者，不僅要獲得資金，而且要有深厚的運營專業知識，尤其是在電力市場和可再生能源，布魯克菲爾德在這兩個領域都有良好的記錄。這種專業知識如此重要的原因是因為全球約 3/4 的碳排放可以直接或間接追溯到發電和能源部門。每個企業都使用能源。因此，如果你能幫助能源和電力生產脫碳，你就能實現世界上每個行業的脫碳。如果可再生能源是脫碳的第一步，我們認為我們的平台使我們處於領先地位。迄今為止，我們擁有並運營著全球最大的可再生能源平台之一。我們是主要可再生能源技術的領導者，也許最重要的是，我們在全球每個主要電力市場開展業務。我們擁有運營和開發能力以及本地併購團隊，可在各大洲尋找和確定脫碳投資。

Our fund will have 2 overarching goals. To generate strong risk-adjusted returns for our investors and to deliver on meaningful decarbonization targets. While we see a very wide range of opportunities to deploy capital which can meet these objectives, today I want to highlight just 2. The first of course is clean energy. Given the scale of new build clean energy required, a core theme of our transition fund will be adding clean energy to the global electricity grid. In fact, one of the first investments that we recently made was Urban Grid, a leading U.S. solar developer with a 20,000-megawatt development pipeline and a strong position in a high-value energy market. We acquired the business for $650 million with the opportunity to invest hundreds of millions of dollars into further growth in the future.

我們的基金將有兩個總體目標。為我們的投資者產生強勁的風險調整後回報，並實現有意義的脫碳目標。雖然我們看到了可以實現這些目標的大量部署資本的機會，但今天我只想強調兩個。第一個當然是清潔能源。鑑於所需新建清潔能源的規模，我們過渡基金的核心主題將是為全球電網增加清潔能源。事實上，我們最近進行的首批投資之一是 Urban Grid，它是美國領先的太陽能開發商，擁有 20,000 兆瓦的開發管道，在高價值能源市場中處於強勢地位。我們以 6.5 億美元的價格收購了這家企業，並有機會投資數億美元來實現未來的進一步增長。

This was a bilaterally sourced opportunity, where our ability to transact quickly and leverage our existing commercial relationships enabled us to transact with Urban Grid at attractive terms. And as an example of how we bring these commercial relationships to our development projects, while the fund has already made investments into other renewable assets for the benefit of commercial partners across various sectors, including for the likes of Amazon, Enbridge and Scotiabank.

這是一個雙邊採購的機會，我們能夠快速交易並利用我們現有的商業關係，使我們能夠以有吸引力的條件與 Urban Grid 進行交易。作為我們如何將這些商業關係引入我們的開發項目的一個例子，該基金已經對其他可再生資產進行了投資，以造福於各個領域的商業合作夥伴，包括亞馬遜、Enbridge 和豐業銀行等。

A second large growth opportunity for BGTF is to use our knowledge of power markets and our operating capabilities to provide energy transition and decarbonization solutions to governments and businesses around the world that need help reaching their own decarbonization goals. This is a theme we're calling business transformation. Industries such as steel, cement, chemicals and utilities all require both clean energy to lower their carbon footprint, and capital to decarbonize their production processes or way of doing business. The auto industry is an example of this. Significant investments in public electrical vehicle charging infrastructure will need to be made to decarbonize the transport sector.

BGTF 的第二大增長機會是利用我們對電力市場的了解和我們的運營能力，為世界各地需要幫助實現其脫碳目標的政府和企業提供能源轉型和脫碳解決方案。這是我們稱之為業務轉型的主題。鋼鐵、水泥、化工和公用事業等行業都需要清潔能源來降低碳足跡，並需要資金來使生產過程或經營方式脫碳。汽車行業就是一個例子。需要對公共電動汽車充電基礎設施進行大量投資，以實現運輸部門的脫碳。

Similarly, in the power sector, utilities require significant capital to enable them to shift from coal to gas and from gas to renewables. And to have a material impact, you need to be willing to go where the emissions are. Our fund plans to target companies in the hard-to-abate energy-intensive sectors, which will continue to be a fundamental part of our society for years to come and make sure that companies in those industries have the capital and the shareholder support to put them on a viable pathway towards lower emissions.

同樣，在電力部門，公用事業需要大量資金才能從煤炭轉向天然氣，從天然氣轉向可再生能源。要產生實質性影響，你需要願意去排放的地方。我們的基金計劃針對難以減排的能源密集型行業的公司，這些行業將在未來幾年繼續成為我們社會的基本組成部分，並確保這些行業的公司有資本和股東的支持來投入他們走上了降低排放的可行途徑。

We believe that businesses on a path to Net Zero will benefit from premium valuations versus their peers given the de-risked nature of their operations. Therefore, by investing in this theme, we will not only achieve our desired decarbonization impact, but also generate attractive commercial returns for our investors. The Brookfield Global Transition Fund will be just the first fund in what we believe will be a very attractive growth avenue for Brookfield. We see the potential for this business to grow to $200 billion plus for Brookfield over the coming decades. Similar to our other platforms, such as infrastructure and real estate, we are beginning with a flagship fund, but we expect that over time, this theme could present the opportunity to offer a number of additional products to our investors, including equity and debt and at various risk return profiles across the spectrum.

我們認為，鑑於其運營的去風險性質，走上淨零之路的企業將受益於與同行相比的溢價估值。因此，通過投資這一主題，我們不僅將實現我們所期望的脫碳影響，還將為我們的投資者帶來可觀的商業回報。布魯克菲爾德全球轉型基金將只是我們認為對布魯克菲爾德非常有吸引力的增長途徑中的第一隻基金。我們認為未來幾十年布魯克菲爾德的這項業務有可能增長到 2000 億美元以上。與我們的其他平台（例如基礎設施和房地產）類似，我們從旗艦基金開始，但我們預計，隨著時間的推移，這個主題可能會為我們的投資者提供許多額外產品的機會，包括股票和債務以及在整個範圍內的各種風險回報情況。

Lastly, we recognize that our clients' needs have grown and that ESG has become a big theme. We feel confident that we can leverage our history in renewables and the build-out of our transition business to maintain our best-in-class ESG approach within all our investment strategies. Over the next decade, we will continue embedding that into all our investment processes and further strengthen measurement, reporting and disclosure around ESG. This is a priority for our clients, and we think that this will become a critical part of how we put capital to work going forward.

最後，我們認識到客戶的需求已經增長，ESG 已成為一個重要主題。我們相信，我們可以利用我們在可再生能源領域的歷史和我們轉型業務的擴展，在我們所有的投資策略中保持我們一流的 ESG 方法。在接下來的十年中，我們將繼續將其嵌入到我們所有的投資流程中，並進一步加強圍繞 ESG 的衡量、報告和披露。這是我們客戶的首要任務，我們認為這將成為我們如何將資金投入到未來工作的關鍵部分。

Thank you all for your time. And I'll turn the call now back over to the operator for questions.

謝謝大家的時間。我現在將電話轉回給接線員提問。

(Operator Instructions) Our first question will come from Cherilyn Radbourne with TD Securities.

（操作員說明）我們的第一個問題將來自道明證券的 Cherilyn Radbourne。

In terms of the discussion regarding the separation of an asset-light manager, can you expand a little more on how you weigh that internally, just considering the flexibility that the balance sheet has provided historically versus the opportunities that you referred to that would open up if you had a more appropriately valued asset manager?

關於分離輕資產管理人的討論，您能否進一步擴展您如何在內部權衡這一點，僅考慮資產負債表在歷史上提供的靈活性與您提到的將打開的機會如果您有一個估值更合適的資產經理？

Cherilyn, it's Nick. I think as Bruce laid out and we talked in the letter, we've always been focused on delivering strong returns to shareholders. And over the last 20 years, we've realized 20%. And we've achieved that by deploying capital for value and evolving with financial markets. We know we've done it in the past, and we're always wanting to make sure that we're evolving with markets. And 2 things have happened over the last few years. One, our asset management business has achieved significant scale, and it has benefits of being closed to capital, and that has benefited us as we've grown the business from its infancy, but now is of a position where it's one of the largest asset managers in its own right with a strong growth profile. And secondly, the markets have evolved and currently have a clear preference for asset-light. And to Bruce's point, we listen to the market, and we often look to respond accordingly, and we believe that spinning out a part of the manager would allow investors who want access to just that asset-light part of the business that access without maybe losing the overall synergies that we have in the business.

Cherilyn，是尼克。我認為正如布魯斯所闡述的那樣，我們在信中談到，我們一直專注於為股東提供豐厚的回報。在過去的 20 年裡，我們實現了 20%。我們通過為價值部署資本並隨著金融市場的發展而實現了這一目標。我們知道我們過去已經做到了，並且我們一直希望確保我們與市場一起發展。過去幾年發生了兩件事。一，我們的資產管理業務已經取得了顯著的規模，它具有對資本封閉的好處，這使我們受益匪淺，因為我們從起步階段就開始發展業務，但現在它已成為最大的資產之一管理人員本身俱有強勁的增長前景。其次，市場已經發展，目前對輕資產有明顯的偏好。就布魯斯而言，我們傾聽市場的聲音，並經常尋求相應的回應，我們相信，分拆經理的一部分將使那些想要進入業務中輕資產部分的投資者可以在沒有可能的情況下進入失去我們在業務中的整體協同效應。

Okay. I'll let others pick that up. I'm sure you're going to get lots of questions. I did want to ask one about the wealth channel, which the asset management industry has really just only started to tap. Can you talk about how much of your fee-bearing capital and current fundraising is coming from that channel? But also, how do you factor in the significant retail ownership of the perpetual affiliates when you think about your scale in a retailer well?

好的。我會讓其他人撿起來。我相信你會得到很多問題。我確實想問一個關於財富渠道的問題，資產管理行業實際上才剛剛開始挖掘。您能否談談您的收費資本和當前籌款有多少來自該渠道？但是，當您考慮您在零售商中的規模時，您如何考慮永久關聯公司的重要零售所有權？

Yes. That's a good question, Cherilyn. I think on the private fund fundraising, it was in that 7% to 10% range that's coming from that private wealth channel of our fee bearing capital. But you're right to observe that with our listed affiliates, we also have a really strong retail following in a retail product through that channel. So that does play into it. For the business, as you know, we have been building out our retail marketing efforts with the creation of Brookfield Oaktree Wealth Solutions, and with the creation of the distribution capabilities, we've been selling existing products but also creating new products that are specifically designed and resonate with that channel with the private REIT being the first. But I think there's more to follow and I think it's just an extension of what we already do in some of our products and where we have that expertise and we can leverage the platforms that we have. And so there should be more products to follow, and we think that it will be a good source of capital going forward.

是的。這是個好問題，Cherilyn。我認為在私人基金籌款方面，來自我們收費資本的私人財富渠道的 7% 到 10% 範圍內。但是您可以正確地觀察到，通過我們列出的附屬公司，我們通過該渠道在零售產品中也擁有非常強大的零售追隨者。所以這確實發揮了作用。如您所知，對於業務，我們一直在通過創建 Brookfield Oaktree Wealth Solutions 來加強我們的零售營銷工作，並且通過創建分銷能力，我們一直在銷售現有產品，同時也在創造專門針對設計並與該渠道產生共鳴，私人房地產投資信託基金是第一個。但我認為還有更多要遵循的，我認為這只是我們在某些產品中已經做的事情的延伸，我們擁有這些專業知識，我們可以利用我們擁有的平台。所以應該有更多的產品可以跟進，我們認為這將是一個很好的資金來源。

Our next question will come from Mario Saric with Scotiabank.

我們的下一個問題將來自豐業銀行的 Mario Saric。

Just coming back to the potential asset manager spinoff, I think you've referenced a couple of times the potential to spin out or separate a part of the manager. If we sit back and just think about the intrinsic value of the company today and invested capital you pointed out in the value of the asset manager, is the part in reference to differentiating between kind of public and private fee streams? I'm just hoping you can expand on how you define part in terms of the options that you're considering.

回到潛在的資產管理公司分拆，我認為您已經多次提到了分拆或分離部分經理的潛力。如果我們坐下來想想今天公司的內在價值以及您在資產管理公司的價值中指出的投資資本，是指區分公共和私人費用流的部分嗎？我只是希望您可以根據您正在考慮的選項擴展您如何定義部分。

Yes. Part, Mario, more just refers to the actual percentage of the manager that we spin into public hands. Maybe the public would own X% of the business and Brookfield parent would still own a meaningful part of the business, meaning if people have a preference to invest in asset-light, they can invest directly into the manager. Or for those that want to invest in the manager and the capital, that still option would still exist.

是的。部分，馬里奧，更多的是指我們轉入公眾手中的經理的實際百分比。也許公眾將擁有 X% 的業務，而布魯克菲爾德的母公司仍將擁有業務的重要部分，這意味著如果人們傾向於投資輕資產，他們可以直接投資於經理。或者對於那些想要投資經理和資本的人來說，仍然存在這種選擇。

Got it. Okay. And then I guess there's a couple of different ways you can go about doing it in terms of separating the asset manager from the invested capital. What are some of the ways that you're thinking about today? Or is it too early to say?

知道了。好的。然後我想有幾種不同的方法可以將資產經理與投資資本分開。您今天正在考慮哪些方式？還是現在說還為時過早？

It's too early to say. I think those parts we're working through, and it's too early to talk through that in detail.

現在說還為時過早。我認為我們正在處理的那些部分，現在詳細討論還為時過早。

Right. Okay. And then just my second question just pertains to real estate asset dispositions. It seems like there's daily headlines of BAM selling assets, as you pointed out at good valuations. Do you have an expected range of real estate dispositions, of BAM's share for 2022? And if so, where do you think most of the focus will come from in terms of geography and asset type?

對。好的。然後我的第二個問題與房地產資產處置有關。正如您在良好的估值中指出的那樣，BAM 出售資產似乎每天都是頭條新聞。您是否對 2022 年 BAM 的份額有預期的房地產處置範圍？如果是這樣，您認為在地理和資產類型方面，大部分關注點將來自哪裡？

Yes, Mario, I don't think we have an expected range, but we obviously have assets that we've executed the business plan on. And we think if the markets are right, then there are candidates to sell in line with what we laid out at Investor Day. We executed a lot in Q4 and we have others coming, and I'd say it's broadly spread geographically and by asset class. As Bruce said, others are catching up. Retail is probably the one that the ground on the data is excellent and the leasing activity, the spreads are back, performance is great. Maybe sales for retail might not be the immediate focus, but other asset classes where capital is flowing significantly, we're being very active.

是的，馬里奧，我認為我們沒有預期的範圍，但我們顯然有我們已經執行業務計劃的資產。而且我們認為，如果市場是正確的，那麼就有候選人可以按照我們在投資者日的計劃進行出售。我們在第四季度執行了很多，我們還有其他人來了，我想說它在地理上和資產類別上廣泛分佈。正如布魯斯所說，其他人正在迎頭趕上。零售可能是數據基礎非常好的，租賃活動，價差回來了，表現很好。也許零售銷售可能不是直接關注的焦點，但其他資本大量流動的資產類別，我們非常活躍。

Our next question will come from Sohrab Movahedi with BMO Capital Markets.

我們的下一個問題將來自 BMO 資本市場的 Sohrab Movahedi。

I just wanted to also maybe start off by thinking about the scheme you're talking about to make sure that the underappreciated value of the asset manager is realized. I mean, Nick, in the past we've talked about maybe buybacks as a way of extracting some of that value. And I wonder if you could even talk a little bit about where we are on that. But also, what about distributing some of the invested capital to the BAM shareholders? I guess the essence of the question being, why would the Holdco, if you will, then not trade at a discount if you had this spinout? I'm just trying to kind of think through a bunch of these things if you can, please.

我只是想也可以從考慮您正在談論的計劃開始，以確保實現資產管理公司被低估的價值。我的意思是，尼克，過去我們曾討論過回購可能是提取部分價值的一種方式。我想知道你是否可以談談我們在這方面的進展。但是，如何將部分投資資本分配給 BAM 股東呢？我想問題的本質是，如果你願意，為什麼如果你有這個分拆，Holdco 不會以折扣價交易？如果可以的話，我只是想通過一堆這些事情來思考，拜託。

It's Bruce, and maybe I'll take a shot at trying to answer your question. And if -- look, our thinking is that our job is to run a great business, which we're still trying to do, and to unlock shareholder value when it makes sense and optimize our structure. If we can have our cake and eat it too, i.e., we can have our capital up top, investors that want to invest into the parent company will stay there, keep their shares in that company, and they'll have us invest their capital plus they'll own a part of the manager. But if we list part of manager separately, it would enable those investors who choose to or want to own an asset-light asset manager the ability to do that. If either of those securities in the future don't trade properly, we can always buy shares back into the treasury and continue to increase value by if they're trading less than fair value. The bottom line is, all of those options are open. All we're trying to do is maximize the value of the business in the longer term, and so all the things you say are possible.

我是布魯斯，也許我會嘗試回答你的問題。如果 - 看，我們的想法是，我們的工作是經營一家偉大的企業，我們仍在努力做到這一點，並在合理的情況下釋放股東價值並優化我們的結構。如果我們可以吃蛋糕，也可以吃，即我們的資本可以達到最高，想要投資母公司的投資者將留在那兒，保留他們在該公司的股份，他們會讓我們投資他們的資本加上他們將擁有經理的一部分。但是，如果我們單獨列出部分管理人，這將使那些選擇或想要擁有輕資產管理人的投資者能夠做到這一點。如果未來這些證券中的任何一種不能正常交易，我們總是可以將股票回購回國庫，如果它們的交易價格低於公允價值，我們可以繼續增加價值。最重要的是，所有這些選項都是開放的。我們所要做的就是在長期內最大化企業的價值，所以你說的所有事情都是可能的。

Our next question will come from Robert Lee with KBW.

我們的下一個問題將來自 KBW 的 Robert Lee。

Maybe just sticking with the theme of the day on the potential spin, it kind of sounds like this is something on a high level, I don't want to put words in your mouth, but maybe you've decided, so really is at this point just kind of going through the mechanics of how that would look. Any tax impacts? Again, kind of like we think this will be a good thing, but we now just got to work through the mechanics of it. Is that kind of pretty much where you're at right now?

也許只是堅持當天關於潛在旋轉的主題，這聽起來像是高水平的東西，我不想把話放在你嘴裡，但也許你已經決定了，所以真的是這一點只是通過它看起來的機制。有稅收影響嗎？再一次，有點像我們認為這將是一件好事，但我們現在只需要了解它的機制。你現在所處的位置差不多嗎？

Look, I would -- the bottom line is, we think it's a very executable plan. It's now in the public. All of our owners can express their views to us, and we're going to come up with the right plan based off of all that plus the information we have. We're heading down a path and we're quite serious about it or we wouldn't have put it in the letter the way we did.

看，我會 - 底線是，我們認為這是一個非常可執行的計劃。現在已經公開了。我們所有的業主都可以向我們表達他們的觀點，我們將根據所有這些以及我們擁有的信息提出正確的計劃。我們正朝著一條道路前進，我們對此非常認真，否則我們就不會像以前那樣把它寫在信中。

Great. And then maybe shifting gears a little bit to fundraising, I mean clearly for you guys it's going gangbusters. You've seen it actually across many of your peers. I'm just curious, number one, are you seeing any signs of, for lack of a better way of putting it, fatigue among LPs? I mean clearly, we know there's secular demand here given the rate environment and whatnot, but are you starting to see at least on an interim basis, kind of getting this impression that LPs are flooded with fund offerings and that maybe there's been like slow this down pushback? Are you seeing any signs of that that may change or impact how you're thinking about the timing of fund closes at all?

偉大的。然後可能會稍微轉移一下籌款，我的意思是對你們來說，這將是一場轟動一時的大事。您實際上已經在許多同行中看到了它。我只是好奇，第一，你有沒有看到任何跡象，因為缺乏更好的表達方式，LP 感到疲倦？我的意思很清楚，鑑於利率環境等等，我們知道這裡存在長期需求，但你是否至少在臨時基礎上開始看到，有一種印像是 LP 充斥著基金產品，而且可能這種情況很慢下推？您是否看到任何可能改變或影響您對基金關閉時間的看法的跡象？

I'll give you a short answer. No. Look, the longer answer is, we're in a very low interest rate environment. As noted in the letter, 8 interest rate hikes get your short rate to 2%. We're in a very low environment, especially when the products that we invest for clients earn 6% on the low end and 25% on the high end. These are very attractive products and there doesn't seem to be any reason to have that slowdown.

我給你一個簡短的回答。不。看，更長的答案是，我們處於非常低的利率環境中。如信中所述，8 次加息使您的短期利率達到 2%。我們處於一個非常低的環境中，尤其是當我們為客戶投資的產品在低端賺取 6%，在高端賺取 25% 時。這些都是非常有吸引力的產品，似乎沒有任何理由會放緩。

Our next question will come from Geoff Kwan with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的 Geoff Kwan。

Just going back to the asset manager potential spin, I'm just wondering, obviously you've talked about it is still a little bit preliminary, but would any sort of spinoff have, at least theoretically, the potential to change the relationship with BIP, BEP, BPG, BBU in terms of management services agreement, whether or not it's financial terms or other, as opposed to keeping the status quo? Or is that probably one of the considerations as you think about what ways to go about doing it if you decide to go with the spin?

回到資產管理公司的潛在旋轉，我只是想知道，顯然你已經談到它仍然有點初步，但任何形式的衍生產品至少在理論上都有可能改變與 BIP 的關係、BEP、BPG、BBU在管理服務協議方面，不管是財務條款還是其他，相對於保持現狀？或者，如果您決定進行旋轉，這可能是您考慮如何去做時的考慮因素之一？

Geoff, the short answer is we would expect no change.

傑夫，簡短的回答是我們預計不會有任何變化。

Okay. And then my second question was just on the global transition fund, I mean it sounds like obviously, the opportunity is large and numerous. I'm just trying to I guess understand a little bit how you're going about figuring out where to focus on, where the best opportunities are, whether or not it's the renewable assets themselves or if it's making investments with operating companies that need help with the transition. Are there certain geographies that are more attractive, that sort of thing?

好的。然後我的第二個問題是關於全球過渡基金，我的意思是聽起來很明顯，機會很大而且很多。我只是想稍微了解一下您將如何確定重點關注的地方，最佳機會在哪裡，無論是可再生資產本身還是與需要幫助的運營公司進行投資隨著過渡。是否有某些地區更有吸引力，諸如此類？

Sure, Geoff. I'll take that. It's Natalie here. First of all, the immediate first place we're starting is renewable energy. When you look at the range of decarbonization solutions that are available for corporates today, thinking about cleaning up their Scope 2 emissions, so cleaning up how they purchase their electricity or reducing their electricity consumption by the way of investing in things like distributed generation, that is the best way for corporates today to make an immediate impact on their carbon footprint and to help buy them time as the cost of other decarbonization technologies comes down. That's the absolute first place we'll start.

當然，傑夫。我會接受的。這裡是娜塔莉。首先，我們首先要著手的是可再生能源。當您查看當今可供企業使用的一系列脫碳解決方案時，考慮清理其範圍 2 排放，因此清理他們購買電力的方式或通過投資分佈式發電等方式來減少電力消耗，是當今企業對其碳足跡產生直接影響並在其他脫碳技術成本下降時幫助他們爭取時間的最佳方式。這絕對是我們要開始的第一個地方。

But I would say what's exciting and particularly why we mentioned that we're going to be spending time with the hard-to-abate sectors like steel, cement and chemicals, is because the timeline for those companies to implement their solutions will take 5 to 10 years to invest in the infrastructure to actually enable them to decarbonize by 2030. And so those capital projects are starting now and those conversations are starting now, and we're having active dialogue with all of them. And we will focus on those that have the most, the highest energy intensity and the largest capital need is where we're seeing the most opportunities to add value.

但我想說的是令人興奮的事情，特別是為什麼我們提到我們將花時間在鋼鐵、水泥和化工等難以消減的行業，因為這些公司實施其解決方案的時間表將需要 5 到10 年的時間投資於基礎設施，以使他們能夠在 2030 年之前真正實現脫碳。因此，這些資本項目現在開始，這些對話現在也開始了，我們正在與所有這些人進行積極的對話。我們將專注於那些擁有最多、最高能源強度和最大資本需求的公司，這是我們看到最多增值機會的地方。

Our next question will come from Alexander Blostein with Goldman Sachs.

我們的下一個問題將來自高盛的 Alexander Blostein。

Back to the structure, from what it sounds like, you're really considering the spinoff to be not really separation, but more of a tracking stock, they'll just give investors an opportunity to play the kind of pure asset management side of the business. A, just want to understand if that's correct. And B, I guess what is your timing in ultimately in terms of the structure? How should ultimately investors think about the cash flows that will be coming into that vehicle? Meaning that are you guys going to distribute it? Are you going to retain it? And currently, you guys have a pretty material tax shield given that everything is combined under the BAM umbrella. Are you going to be able to retain the tax shield or the kind of earning from the NewCo, the asset manager will be taxed at a typical rate?

回到結構上，聽起來，你真的認為分拆並不是真正的分離，而是更多的跟踪股票，它們只會給投資者一個機會，讓投資者有機會發揮純粹的資產管理方面的作用。商業。 A，只是想了解這是否正確。 B，我猜你最終在結構方面的時間安排是什麼？最終投資者應該如何考慮將進入該工具的現金流？意思是你們要分發它嗎？你會保留它嗎？目前，鑑於一切都在 BAM 保護傘下，你們有一個非常重要的稅盾。您是否能夠保留稅盾或從新公司獲得的那種收入，資產經理將按典型稅率徵稅？

It's Bruce. I think you asked 4 questions. I'll try to be quick, although I'm not going to -- I'm not going to get into too much detail on this call until we have more fulsome answers for you. I'll try to answer 3. First, you said is the security going to be a security or a tracking stock? It will be a full security and a listed company. The BAM parent may own a part of it, and we're going to separate and distribute to our shareholders a part of the business, 1/4, 1/3, whatever that number is to start off with, but it will be a separately listed security. As to payout, we'll have to consider that based on all the other securities that are out there and what's best for the shareholders. But there will not be a lot of need for cash in the company, so it could have a full payout of its cash flows if we so choose. And as to the shields we have within the business, we'll allocate them to the right spot at the time when we list the security and everyone will know about that at the time.

是布魯斯。我想你問了4個問題。我會盡量快點，儘管我不會——在我們為您提供更豐富的答案之前，我不會對這次電話會議進行太多詳細說明。我將嘗試回答 3。首先，您說證券是證券還是跟踪股票？它將是一家完整的證券和上市公司。 BAM 母公司可能擁有其中的一部分，我們將分離並分配給我們的股東一部分業務，1/4、1/3，無論這個數字是從什麼開始的，但這將是一個單獨列出的證券。至於派息，我們必鬚根據現有的所有其他證券以及對股東最有利的方式來考慮這一點。但公司對現金的需求並不大，因此如果我們願意，它可以全額支付現金流。至於我們在業務中擁有的盾牌，我們會在列出證券時將它們分配到正確的位置，屆時每個人都會知道。

Great. And then I guess my second question or maybe second topic, I want to circle back on the wealth business. It sounds like you guys are on 4 platforms now, up from 1 earlier or late last year. Curious to get your sort of take on what the reception has been from financial advisers and kind of key gatekeepers to the product? Any update you have for us in terms of monthly flows would be helpful. And ultimately, what would you consider a sort of success from this wealth channel over the course of the year?

偉大的。然後我想我的第二個問題或者可能是第二個話題，我想回到財富業務上。聽起來你們現在在 4 個平台上，高於去年早些時候或年底的 1 個。想知道您對財務顧問和產品的關鍵看門人的接待有何看法嗎？您在每月流量方面為我們提供的任何更新都會有所幫助。最終，您認為這一財富渠道在這一年中取得的成功是什麼？

Look, we're early days. We put together both Brookfield Oaktree Wealth 6, 9 months ago and it's had a very meaningful impact with our relationships with the wealth channels. I think it could be, it will be very meaningful going forward, but we're just starting into it. I don't really have a prediction for you as to the numbers that will be coming in on a monthly basis. But the early indications are that our products, like they are to institutional clients, will be highly attractive to wealth, and we need to pick the right ones to put into that, those channels, and we're going to do that.

看，我們還處於早期階段。我們將 Brookfield Oaktree Wealth 6 和 9 個月前放在一起，它對我們與財富渠道的關係產生了非常有意義的影響。我認為它可能是，這將是非常有意義的，但我們才剛剛開始。對於每月將出現的數字，我真的沒有預測。但早期跡象表明，我們的產品，就像它們對機構客戶一樣，對財富極具吸引力，我們需要選擇合適的產品投入到那些渠道中，我們將這樣做。

Our next question will come from Andrew Kuske with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Andrew Kuske。

I guess one of the key principles for Brookfield on a longer-term basis has been compounding historically. And you highlighted this in the letter this morning as the Miracle of Finance. Could you maybe just step back a little bit and address your businesses? And are you seeing multiplier effects across some of the businesses as they interact together? And maybe one example would be just what you can do on the residential front. The residential infrastructure being HVAC, multifamily, distributed generation, do you see multiplier effects across those businesses as they're now sort of merging together to a certain degree from an opportunity standpoint?

我想從長遠來看，布魯克菲爾德的關鍵原則之一是歷史上的複合。你在今天早上的信中強調了這一點，稱其為金融奇蹟。您能否稍微退後一步，解決您的業務問題？當它們相互作用時，您是否看到某些業務的乘數效應？也許一個例子就是你可以在住宅方面做的事情。住宅基礎設施是暖通空調、多戶型、分佈式發電，您是否看到這些企業的乘數效應，因為它們現在從機會的角度來看，它們正在某種程度上合併在一起？

Yes. Look, I think that part of the success of our business is that we've tried to keep, ensure that we coordinate all of the affairs within the business. And therefore, many of our groups work together. And when we find new ideas, we try to flow them across different areas. I think it just -- it helps when you have a big broad platform to be able to do that. And maybe even as important is when we learn something in one country, it may not have been applied the same way in 29 other countries that we're in. And therefore, we can take our businesses and globalize them. Many of the things we're doing today are taking ideas that we have in one country that we found that are really successful and applying them in other areas. Doing the same thing, but doing it in another country where it hasn't been done before. And both from an operating and a financial perspective, that has been extremely positive for the business.

是的。看，我認為我們業務成功的部分原因在於我們努力保持，確保我們協調業務內的所有事務。因此，我們的許多小組一起工作。當我們發現新想法時，我們會嘗試將它們傳播到不同的領域。我認為它只是 - 當你有一個能夠做到這一點的大而廣泛的平台時它會有所幫助。也許同樣重要的是，當我們在一個國家學到一些東西時，它可能不會在我們所在的其他 29 個國家以同樣的方式應用。因此，我們可以將我們的業務全球化。我們今天所做的許多事情都是將我們在一個國家的想法、我們發現的真正成功的想法應用到其他領域。做同樣的事情，但在另一個以前沒有做過的國家做。從運營和財務角度來看，這對企業來說都是非常積極的。

That's helpful. And then maybe related to that, slightly different as you look at the market conditions now globally, where there's a bit more volatility, some inflation concerns in parts of the world, unknown economic recovery, you're positioned in multiple markets. Do you see the transactional environment as potential now in the outlook in the next 12 months as being more favorable from a deployment standpoint than what you saw in the last 18 months?

這很有幫助。然後可能與此相關，當您查看當前全球市場狀況時略有不同，其中波動性更大，世界部分地區存在一些通貨膨脹問題，未知的經濟復甦，您位於多個市場。從部署的角度來看，您是否認為未來 12 個月的交易環境比過去 18 個月更有利？

Look, there's never a perfect environment. Because when there is no money available, there's usually lots of opportunity. And when there's lots of money available, there's less opportunity. But I would just say that given our broad platform in many countries, and we're in multiple sectors, there's never -- every one of them doesn't offer opportunities, but there's always something to do. And I'd say today, we see lots of opportunity out there. And I'd say it's no less than it was before. And a lot of them are things that you would not even think there should be opportunity available, but people require our capital, require our operating skills, require a partnership with somebody like us, and therefore, we find opportunities. There's an excellent market today for opportunities for all of our, most or all of our businesses.

看，從來沒有完美的環境。因為當沒有錢可用時，通常會有很多機會。當有很多錢可用時，機會就更少了。但我只想說，鑑於我們在許多國家的廣泛平台，而且我們涉足多個領域，從來沒有——每個領域都沒有提供機會，但總有事情要做。我今天要說的是，我們看到了很多機會。而且我會說它並不比以前少。其中很多是你甚至認為不應該有機會的事情，但人們需要我們的資金，需要我們的運營技能，需要與像我們這樣的人合作，因此，我們找到了機會。今天有一個很好的市場，為我們所有的、大部分或所有的業務提供機會。

Our next question will come from Bill Katz with Citigroup.

我們的下一個問題將來自花旗集團的比爾卡茨。

Just coming back to spin yet again, certainly apologize. I guess maybe a conceptual question for me. Why not spin the whole asset management business or spin the invested capital platform? And how do you think about milestones here just to keep the market abreast of your thinking? Thank you.

剛回來再次旋轉，當然道歉。我想這對我來說可能是一個概念性問題。為什麼不旋轉整個資產管理業務或旋轉投資資本平台？您如何看待這裡的里程碑，只是為了讓市場跟上您的想法？謝謝你。

Look, here's what I would say. If we create the most value by entirely separating the business, we would do it. Our view today is that having the capital company have an interest in the manager, to be able to align itself and put its capital and have its capital managed in a fashion that it's happy about, is the right way to go. But over time, if that made sense, we could do it in 4 steps or we could do it in one all upfront. But our view today is that creating the asset-light manager, listing part of it, is the way to go. But if owners of ours have views, we'd be pleased to talk about it.

看，這就是我要說的。如果我們通過完全分離業務來創造最大價值，我們就會這樣做。我們今天的觀點是，讓資本公司對經理有興趣，能夠調整自己並投入資本，並以自己喜歡的方式管理資本，是正確的方法。但隨著時間的推移，如果這有意義，我們可以分 4 步完成，或者我們可以提前一步完成。但我們今天的觀點是，創建輕資產管理器並列出其中的一部分是可行的方法。但如果我們的業主有意見，我們很樂意談論它。

Okay, and just a follow-up. You had mentioned that your current form is holding you back in certain growth opportunities. I was wondering if you could expand a little bit about what the holdbacks are and what growth opportunities you see? And then which comps were you using to value the asset management business?

好的，只是跟進。您曾提到，您目前的形式阻礙了您的某些增長機會。我想知道您是否可以稍微擴展一下阻礙是什麼以及您看到了哪些增長機會？然後，您使用哪些補償來評估資產管理業務？

I'm going to let Nick deal with the second one. But what I would say is, just to be crystal clear, we've compounded at 20% for 20 years. There aren't any holdbacks here. What our job is to do, our job is to look at the business, run a great business, unlock shareholder value as we can. That's what we're in business to do. And our view, therefore, is just we should keep at that effort. And if we have securities that trade properly in the marketplace at their fair value, it opens up options to use those securities for something you want to do in the future if the opportunity presents itself.

我打算讓尼克處理第二個。但我要說的是，為了清楚起見，我們 20 年來的複合增長率為 20%。這裡沒有任何阻礙。我們的工作是做什麼，我們的工作是審視企業，經營一家偉大的企業，盡可能釋放股東價值。這就是我們要做的事情。因此，我們的觀點是我們應該繼續努力。如果我們的證券能夠以公允價值在市場上正常交易，那麼如果機會出現，它就會為您將來想做的事情提供選擇權。

Bill, it's Nick. On the second question, it's consistent with what we used at our Investor Day, so $25 million to $40 million on FRE and $10 million on our target carry.

比爾，是尼克。關於第二個問題，這與我們在投資者日使用的一致，即 FRE 為 2500 萬至 4000 萬美元，目標套利為 1000 萬美元。

We do have a follow-up question from Robert Lee with KBW.

我們確實收到了 Robert Lee 對 KBW 的後續問題。

Maybe sticking with fundraising and not the spin, really maybe a 2-parter. I mean if I look at the number of strategies outside of the flagship strategies that you have in market, I think you pointed out something like 35. I mean it's really kind of expanded tremendously in the last bunch of years. I'm just curious, could you maybe give us a sense of how you actually have maybe changed your organization or how you go to market to actually try to maximize that? Because to have so many things in so many places, how do you make sure you are kind of not missing opportunities or maximizing your potential there? And then maybe the second part of the fundraising is, there's, as you point out, there's so much demand. Historically, you've taken very large chunks of your own funds. How is your own appetite for whether your participation will be 5% or 15% changing to create more capacity for third-party clients?

也許堅持籌款而不是旋轉，真的可能是兩方。我的意思是，如果我看看你在市場上擁有的旗艦策略之外的策略數量，我認為你指出了 35 種左右。我的意思是，在過去的幾年裡，它確實有很大的擴展。我只是好奇，您能否讓我們了解一下您實際上是如何改變了您的組織，或者您如何進入市場以實際嘗試將其最大化？因為在這麼多地方有這麼多東西，你如何確保你不會錯過機會或最大限度地發揮你的潛力？然後也許籌款的第二部分是，正如你所指出的，需求量很大。從歷史上看，你已經拿走了很大一部分自己的資金。您對自己的參與是 5% 還是 15% 的變化以為第三方客戶創造更多容量的興趣如何？

Rob, yes. On the first part, I think the number of complementary strategies has really evolved as the scale and size of each of our businesses has evolved. How we have evolved is, we have 4 businesses, plus we have Oaktree, so 5 businesses. And each of those businesses have client relationships, and as clients have allocated more and more capital to alternatives and have looked for solutions, I'd say up and down the capital stack with different risk profiles, we have the investing and the operating expertise and the experience to offering those products across the channel. It's really leveraging the platforms that we have and catering to our clients' needs and providing them with these products. And we start -- as Natalie said, like we're doing in transition, we started with the flagship funds.

羅布，是的。在第一部分，我認為互補戰略的數量確實隨著我們每個業務的規模和規模的發展而發展。我們的發展方式是，我們有 4 家企業，加上我們有 Oaktree，所以有 5 家企業。這些業務中的每一個都有客戶關係，隨著客戶將越來越多的資本分配給替代方案並尋找解決方案，我想說的是，在具有不同風險狀況的資本堆棧上下，我們擁有投資和運營專業知識，跨渠道提供這些產品的體驗。它實際上是利用我們擁有的平台並滿足客戶的需求並為他們提供這些產品。我們開始 - 正如娜塔莉所說，就像我們正在轉型一樣，我們從旗艦基金開始。

But that knowledge and expertise translates well to scaling up a core offering in the same sectors with different risk or profile and adding a couple of investment professionals to lead each strategy but really leveraging the underlying platform to inform our decision making, our diligence, and then operating when we own the asset. I'd say that's how we have evolved, and we stay on top of it by having close relationships with our clients and responding to their needs. And that has led to this growth in products. And as we laid out Investor Day, real estate is probably the most evolved and our other businesses are evolving quickly with new products all the time and catering to new channels as we go. On our own appetite, I would say that as the size of the funds has grown, it's a decision we make each time, but the absolute dollars are still significant. Percentages may change, but the dollars are meaningful, which shows our conviction in the funds and still creates that strong alignment of interest. And so it evolves over time, but the capital is still meaningful.

但是，這些知識和專業知識可以很好地轉化為擴大具有不同風險或概況的相同行業的核心產品，並增加幾個投資專業人士來領導每個策略，但真正利用基礎平台來告知我們的決策、我們的勤奮，然後在我們擁有資產時運營。我想說這就是我們的發展方式，我們通過與客戶建立密切的關係並響應他們的需求來保持領先地位。這導致了產品的增長。正如我們制定的投資者日，房地產可能是發展最快的，我們的其他業務一直在快速發展，不斷推出新產品，並隨著我們的發展迎合新渠道。根據我們自己的胃口，我會說隨著基金規模的增長，這是我們每次做出的決定，但絕對金額仍然很重要。百分比可能會發生變化，但美元是有意義的，這表明我們對基金的信念，並且仍然創造了強烈的利益一致性。所以它會隨著時間的推移而發展，但資本仍然是有意義的。

We do have a follow-up from Sohrab Movahedi with BMO Capital Markets.

我們確實收到了 Sohrab Movahedi 對 BMO Capital Markets 的跟進。

Just a more detailed or maybe a final one. I think you mentioned about $10 billion of real estate dispositions. Any indications as to what the plan is for that cash?

只是一個更詳細的，或者可能是最後一個。我想你提到了大約 100 億美元的房地產處置。有任何跡象表明該現金的計劃是什麼？

Yes. So Sohrab, the $10 billion would have been the gross number of sales. I think we mentioned about a couple of billion dollars of gains. So that gain is obviously accruing to the real estate business, some being reinvested and some being repatriated to Brookfield. It's in line with the plan that we would have laid out. We'll look for opportunities where the most optimal place is to deploy that capital within the organization.

是的。所以 Sohrab，100 億美元就是總銷售額。我想我們提到了大約幾十億美元的收益。因此，這種收益顯然是在房地產業務上產生的，一些被再投資，一些被遣返布魯克菲爾德。這符合我們制定的計劃。我們將尋找在組織內部署資本的最佳位置的機會。

Nick, just to be crystal clear, it may involve making new investments in the real estate sleeve?

尼克，澄清一下，這可能涉及對房地產袖子進行新的投資？

It could. It could, yes, or it could be repatriated.

它可以。它可以，是的，或者可以被遣返。

Ladies and gentlemen, thank you for participating in today's question-and-answer session. I would now like to turn the call back over to Ms. Suzanne Fleming for any closing remarks.

女士們，先生們，感謝你們參加今天的問答環節。我現在想將電話轉回給 Suzanne Fleming 女士，以作結束語。

Thank you, operator. And with that, we will end today's call. Thank you for joining us.

謝謝你，接線員。至此，我們將結束今天的電話會議。感謝您加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。