TOKYO (Reuters) – Brookfield Asset Management’s (BAM) chief executive wants Howard Marks, the veteran distressed debt guru and co-founder of Oaktree Capital, to continue his investment work, including his letters to clients, for years to come.
Bruce Flatt, Chief Executive Officer of Brookfield Asset Management (BAM), poses in front of the company’s logo in Tokyo, Japan, May 16, 2019. REUTERS/Hideyuki Sano
BAM announced that it will take a majority stake in Oaktree in March, with the surprise move sparking speculation that Brookfield’s chief executive Bruce Flatt could become an heir to Oaktree’s 73-year-old investing “legend”.
Known in investment circles for his “memos to Oaktree clients”, which he has been writing since the 1990s, Marks counts Warren Buffett as one of his most avid readers.