Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) today
announced financial results for the quarter ended
September 30, 2023.
Connor Teskey, President of Brookfield Asset
Management stated, “We had an excellent quarter from a fundraising
perspective. We raised $61 billion of capital year-to-date with $26
billion of that capital in the third quarter. We are very fortunate
that the businesses where we have established a leadership position
remain in strong demand by investors. We closed our sixth private
equity strategy at $12 billion, our largest ever to-date. We also
held strong closes for our fifth infrastructure flagship fund and
third infrastructure debt fund and began raising capital for our
second transition flagship fund. When completed, those funds should
represent the largest funds ever raised by a sponsor for each of
these respective strategies.”
He continued, “2023 is shaping up to be an
excellent year for capital raising, which sets the stage next year
for excellent earnings and dividend growth. With fundraising
momentum continuing to ramp up in the fourth quarter, first closes
coming for our second transition flagship fund and our fifth real
estate flagship fund, as well as the anticipated completion of a
contract to manage AEL’s insurance assets, we remain on track for
close to our $150 billion capital raising target.”
Operating Results
Brookfield Asset Management
Ltd.
Net income for the publicly traded entity
Brookfield Asset Management Ltd. (BAM) totaled $122 million for the
quarter. BAM owns a 25% interest in our asset management business
and the remaining 75% is owned by Brookfield Corporation. In order
to provide meaningful comparative information, the following
discussion relates to the financial results on a 100% basis for our
asset management business (Brookfield Asset Management).
Brookfield Asset Management1
For the periods
ended September 30(US$ millions, except per share amounts) |
Three Months Ended |
|
Twelve Months Ended |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Fee-Related Earnings2 |
$ |
565 |
|
|
$ |
523 |
|
|
$ |
2,236 |
|
|
$ |
2,065 |
|
Add back: equity-based compensation costs and other income3 |
|
49 |
|
|
|
22 |
|
|
|
177 |
|
|
|
81 |
|
Less: cash taxes |
|
(46 |
) |
|
|
(21 |
) |
|
|
(186 |
) |
|
|
(81 |
) |
Distributable
Earnings2 |
$ |
568 |
|
|
$ |
524 |
|
|
$ |
2,227 |
|
|
$ |
2,065 |
|
|
|
|
|
|
|
|
|
Fee-related earnings per share |
$ |
0.35 |
|
|
$ |
0.32 |
|
|
$ |
1.37 |
|
|
$ |
1.26 |
|
Distributable earnings per share |
$ |
0.35 |
|
|
$ |
0.32 |
|
|
$ |
1.36 |
|
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|
Net income attributable to Brookfield Asset
Management |
$ |
494 |
|
|
$ |
395 |
|
|
$ |
1,969 |
|
|
$ |
1,889 |
|
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|
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See endnotes |
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Brookfield Asset Management’s distributable
earnings were $568 million for the quarter and $2.2 billion over
the last twelve months. Fee-related earnings comprise approximately
100% of distributable earnings for both the quarter and the last
twelve months. Despite price valuations of our publicly listed
permanent capital vehicles, strong fundraising and capital
deployment efforts drove fee-related earnings to $565 million for
the quarter. This resulted in an increase of 8% compared to the
prior year period.
Operating Highlights
We raised $71 billion over the last twelve
months, with $26 billion raised during the third quarter and $61
billion raised year-to-date. Notable fundraising updates during the
third quarter to date include:
- We raised a collective $4.3 billion of capital between our two
largest infrastructure funds. In the fifth vintage of our flagship
infrastructure fund, we raised $3.0 billion of capital, growing the
fund to over $27 billion, and expect to hold a final close by the
end of the year. Subsequent to quarter end, we held a final close
for our third infrastructure debt fund of $1.3 billion of capital,
making this vintage more than double the size of its predecessor
fund with over $6.0 billion of capital commitments.
- We raised $11.0 billion across Oaktree funds, including $3.2
billion for our twelfth opportunistic credit fund and $2.3 billion
for our strategic lending partners fund.
- We held a final close of $715 million for the sixth vintage of
our flagship private equity strategy during the quarter, which, at
$12 billion, makes this the largest private equity strategy we have
ever raised.
Fee-bearing capital was $440 billion at the end
of the third quarter, flat from the prior quarter and up $33
billion or 8% over the past year.
- The above year-over-year increase in fee-bearing capital
contributed to growth in fee-related earnings to $2.2 billion over
the last twelve months, representing a 13% increase over the prior
year period, excluding performance fees.
In the third quarter, we deployed $18 billion of
capital into investments across a number of large-scale,
high-quality businesses and assets. Notable deployments in the
quarter include:
- From our infrastructure flagship, we deployed $4.7 billion of
capital, including $1.4 billion of co-invest capital, towards the
acquisition of Triton International, announced in April of this
year. Triton is the world’s largest lessor of intermodal shipping
containers and this transaction expands the build out of our
international logistics and supply chain operations
capabilities.
- Also from our infrastructure flagship, we deployed $2.5 billion
to fund the acquisition of Data4. This acquisition is Brookfield’s
first major entry into the European data center market and is an
important part of our goal of owning and operating one of the
largest hyperscale data center platforms in the world.
- Across Oaktree funds, we deployed $6.5 billion of capital,
including $1.9 billion deployed out of the eleventh vintage of our
opportunistic credit fund, approximately $660 million out of the
twelfth vintage of our opportunistic credit fund, and approximately
$660 million out of our Sponsor Fund Credit business. Credit
opportunities will only get better heading into 2024.
As of September 30, 2023, we had a total of
$102 billion of uncalled fund commitments.
- Uncalled fund commitments include $45 billion which is not
currently earning fees, but that will earn approximately
$450 million of fees annually once deployed.
- We hold close to $3.0 billion of cash and equivalents on
our balance sheet.
Strategic Initiatives in the
Quarter
In September, BAM announced a strategic
partnership with Société Générale to originate and distribute
high-quality private credit investments through a new private
investment grade debt fund. The initial fund is targeting a total
of €10 billion and will launch with €2.5 billion of seed funding at
inception from Brookfield Corporation and Société Générale.
In August, we and Sequoia Heritage finalized a
50/50 joint venture agreement to form Pinegrove Capital. Pinegrove
is focused on secondary and structured capital solutions in the
technology and venture capital space. Brookfield brings
considerable expertise in secondaries and structured investments,
and Sequoia Heritage has a strong track record of investing in the
technology sector. Brookfield Asset Management and Sequoia Heritage
will collectively invest $500 million as anchor investors, with an
inaugural fund expected to launch in the first half of 2024.
Regular Dividend Declaration &
Establishment of Dividend Reinvestment Program
The board of directors of Brookfield Asset
Management Ltd. declared a quarterly dividend of $0.32 per share,
payable on December 29, 2023, to shareholders of record as of the
close of business on November 30, 2023.
End Notes |
1. |
Reflects full period results unless otherwise noted on a 100% basis
for Brookfield Asset Management, being Brookfield Asset Management
ULC and its subsidiaries, including its share of the asset
management activities of partly owned subsidiaries. |
2. |
See Reconciliation of
Net Income to Fee-Related Earnings and Distributable Earnings on
page 6 and Non-GAAP and Performance Measures section on page
8. |
3. |
Equity-based
compensation costs and other income includes Brookfield Asset
Management’s portion of partly owned subsidiaries investment
income, realized carried interest, and other income. |
Brookfield Asset Management Ltd. |
Statement of Financial Position |
|
UnauditedAs at (US$ millions) |
|
September 30 |
|
December 31 |
|
|
2023 |
|
|
2022 |
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
12 |
|
$ |
1 |
Investment in Brookfield Asset Management |
|
|
2,294 |
|
|
2,378 |
Due from affiliates |
|
|
823 |
|
|
782 |
Other assets |
|
|
41 |
|
|
— |
Total Assets |
|
$ |
3,170 |
|
$ |
3,161 |
|
|
|
|
|
Liabilities |
|
|
|
|
Accounts payable and other |
|
$ |
761 |
|
$ |
781 |
Due to affiliates |
|
|
242 |
|
|
3 |
Total Liabilities |
|
|
1,003 |
|
|
784 |
|
|
|
|
|
Equity |
|
|
|
|
Total Equity |
|
|
2,167 |
|
|
2,377 |
Total Liabilities and Equity |
|
$ |
3,170 |
|
$ |
3,161 |
|
Brookfield Asset Management Ltd. |
Statement of Operating Results |
|
UnauditedFor the period ended September 30(US$ millions, except per
share amounts) |
Three Months Ended |
|
2023 |
|
|
|
Equity accounted income |
$ |
123 |
|
Compensation and other expenses |
|
(1 |
) |
Net
Income |
$ |
122 |
|
|
|
Net income per share
of common stock |
|
Diluted |
$ |
0.31 |
|
Basic |
$ |
0.31 |
|
Brookfield Asset Management |
Statement of Financial Position |
|
Unaudited
As at(US$ millions) |
|
September 30 |
|
December 31 |
|
2023 |
|
2022 |
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
2,945 |
|
$ |
3,545 |
Accounts receivable and other |
|
|
511 |
|
|
429 |
Investments |
|
|
7,336 |
|
|
6,877 |
Due from affiliates |
|
|
2,089 |
|
|
2,121 |
Deferred income tax assets and other assets |
|
|
1,241 |
|
|
1,115 |
Total Assets |
|
$ |
14,122 |
|
$ |
14,087 |
|
|
|
|
|
Liabilities |
|
|
|
|
Accounts payable and other |
|
$ |
1,768 |
|
$ |
1,842 |
Due to affiliates |
|
|
859 |
|
|
811 |
Deferred income tax liabilities and other |
|
|
2,086 |
|
|
1,828 |
|
|
|
4,713 |
|
|
4,481 |
Equity |
|
|
|
|
Total Equity |
|
|
9,409 |
|
|
9,606 |
|
|
|
|
|
Total Liabilities, and Common Equity |
|
$ |
14,122 |
|
$ |
14,087 |
Note: Reflects balances on a 100% basis for our asset
management business, being Brookfield Asset Management and its
subsidiaries, as well as its share of the asset management
activities of partly owned subsidiaries. |
|
Brookfield Asset Management |
Statement of Operating Results |
|
UnauditedFor the periods ended September 30(US$ millions, except
per share amounts) |
Three Months Ended |
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
Incentive distribution and management fee revenues |
$ |
778 |
|
|
$ |
715 |
|
Carried interest income net of amounts attributable to
Corporation |
|
25 |
|
|
|
— |
|
Other revenue |
|
90 |
|
|
|
116 |
|
Total
Revenues |
|
893 |
|
|
|
831 |
|
|
|
|
|
Expenses |
|
|
|
Compensation, operating, and general and administrative
expenses |
|
(307 |
) |
|
|
(329 |
) |
Interest expense |
|
(3 |
) |
|
|
(48 |
) |
Total
Expenses |
|
(310 |
) |
|
|
(377 |
) |
Other income, net |
|
(43 |
) |
|
|
341 |
|
Share of income from equity accounted investments |
|
22 |
|
|
|
40 |
|
Income Before
Taxes |
|
562 |
|
|
|
835 |
|
Income tax expense |
|
(52 |
) |
|
|
(140 |
) |
Net
Income |
$ |
510 |
|
|
$ |
695 |
|
|
|
|
|
Net income attributable
to: |
|
|
|
Brookfield Asset Management |
$ |
494 |
|
|
$ |
395 |
|
Brookfield Corporation |
|
16 |
|
|
|
300 |
|
|
|
510 |
|
|
|
695 |
|
Net income per share |
|
|
|
Diluted |
$ |
0.30 |
|
|
$ |
0.24 |
|
Basic |
$ |
0.30 |
|
|
$ |
0.24 |
|
Note: Reflects
results on a 100% basis for our asset management business, being
Brookfield Asset Management and its affiliates. |
|
|
|
|
|
|
|
|
SELECT FINANCIAL
INFORMATION
RECONCILIATION OF NET INCOME TO
FEE-RELATED EARNINGS AND DISTRIBUTABLE EARNINGS
Brookfield Asset Management
|
Unaudited For the periods ended September 30 (US$ millions) |
Three Months Ended |
|
|
2023 |
|
|
|
2022 |
|
|
Net income |
$ |
510 |
|
|
$ |
695 |
|
|
Add or subtract the
following: |
|
|
|
|
Provision for taxes1 |
|
52 |
|
|
|
140 |
|
|
Depreciation and amortization2 |
|
3 |
|
|
|
6 |
|
|
Carried interest allocations3 |
|
(89 |
) |
|
|
(31 |
) |
|
Carried interest allocation compensation3 |
|
3 |
|
|
|
3 |
|
|
Other income and expenses4 |
|
40 |
|
|
|
(344 |
) |
|
Interest expense paid to related parties4 |
|
3 |
|
|
|
48 |
|
|
Interest and dividend revenue4 |
|
(44 |
) |
|
|
(85 |
) |
|
Other revenues5 |
|
(10 |
) |
|
|
— |
|
|
Share of income from equity accounted investments6 |
|
(22 |
) |
|
|
(40 |
) |
|
Fee-related earnings of partly owned subsidiaries at our
share6 |
|
71 |
|
|
|
63 |
|
|
Compensation costs recovered from affiliates7 |
|
15 |
|
|
|
— |
|
|
Fee revenues from consolidated funds & Other8 |
|
33 |
|
|
|
68 |
|
|
Fee-Related Earnings |
|
565 |
|
|
|
523 |
|
|
Cash Taxes9 |
|
(46 |
) |
|
|
(21 |
) |
|
Add back: equity-based compensation costs and other10 |
|
49 |
|
|
|
22 |
|
|
Distributable Earnings |
$ |
568 |
|
|
$ |
524 |
|
|
|
|
|
|
|
|
|
|
1. |
This adjustment
removes the impact of income tax provisions (benefit) on the basis
that we do not believe this item reflects the present value of the
actual tax obligations that we expect to incur over the long-term
due to the substantial deferred tax assets of Brookfield Asset
Management. |
2. |
This adjustment
removes the depreciation and amortization on property, plant and
equipment and intangible assets, which are non-cash in nature and
therefore excluded from Fee-Related Earnings. |
3. |
These adjustments
remove unrealized carried interest allocations and the associated
compensation expense, which are excluded from Fee-Related Earnings
as these items are unrealized in nature. |
4. |
These adjustments
remove other income and expenses associated with non-cash fair
value changes and remove interest and charges paid or received
related to related party loans. |
5. |
This adjustment adds
back other revenues earned that are non-cash in nature. |
6. |
These adjustments
remove our share of partly owned subsidiaries’ earnings, including
items 1) to 5) above and include its share of partly owned
subsidiaries’ Fee-Related Earnings. |
7. |
This item adds back
compensation costs that will be borne by affiliates and are
non-cash in nature. |
8. |
This adjustment adds
base management fees earned from funds that are eliminated upon
consolidation and other items. |
9. |
Represents the impact
of cash taxes paid by the business. |
10. |
This adjustment adds
back equity-based compensation and other income associated with
Brookfield Asset Management’s portion of partly owned subsidiaries’
investment income, realized carried interest and other income and
other items. |
|
|
Additional Information
The Letter to Shareholders and the Supplemental
Information for the three months and twelve months ended
September 30, 2023, contain further information on the
company’s strategy, operations and financial results. Shareholders
are encouraged to read these documents, which are available on the
company’s website.
The statements contained herein are based
primarily on information that has been extracted from our financial
statements for the quarter ended September 30, 2023, which
have been prepared using U.S. GAAP. The amounts have not been
audited by BAM’s external auditor.
BAM’s board of directors has reviewed and
approved this document, including the summarized unaudited
consolidated financial statements, prior to its release.
Information on our dividends can be found on our
website under Stock & Distributions - Distribution History
section at bam.brookfield.com.
Quarterly Earnings Call
Details
Investors, analysts and other interested parties
can access BAM’s Third Quarter 2023 Results, as well as the
Shareholders’ Letter and Supplemental Information, on its website
under the Reports & Filings section at bam.brookfield.com.
To participate in the Conference Call today at 11:00 a.m. EST,
please preregister at
https://register.vevent.com/register/BIdd5ad97c22d044489e118e248f492e43.
Upon registering, you will be emailed a dial-in number, and unique
PIN.
The Conference Call will also be webcast live at
https://edge.media-server.com/mmc/p/gw53ybqt. For those unable to
participate in the Conference Call, the telephone replay will be
archived and available until November 6, 2024, or available
on our website at bam.brookfield.com.
About Brookfield Asset
Management
Brookfield Asset Management Ltd. (NYSE: BAM,
TSX: BAM) is a leading global alternative asset manager with over
$850 billion of assets under management across renewable power
and transition, infrastructure, private equity, real estate, and
credit. We invest client capital for the long-term with a
focus on real assets and essential service businesses that form the
backbone of the global economy. We offer a range of alternative
investment products to investors around the world — including
public and private pension plans, endowments and foundations,
sovereign wealth funds, financial institutions, insurance companies
and private wealth investors. We draw on Brookfield’s heritage as
an owner and operator to invest for value and generate strong
returns for our clients, across economic cycles.
Please note that Brookfield Asset Management
Ltd.’s previous audited annual and unaudited quarterly reports have
been filed on EDGAR and SEDAR+ and can also be found in the
investor section of its website at bam.brookfield.com. Hard copies
of the annual and quarterly reports can be obtained free of charge
upon request.
For more information, please visit our website at
bam.brookfield.com or contact:
Communications & Media:Kerrie McHugh HayesTel:
(212) 618-3469Email: kerrie.mchugh@brookfield.com |
|
Investor Relations: Jason Fooks Tel: (866)
989-0311Email: jason.fooks@brookfield.com |
|
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Non-GAAP and Performance
Measures
This news release and accompanying financial
information are based on generally accepted accounting principles
in the United States of America (“U.S. GAAP”).
We make reference to Distributable Earnings
(“DE”), which is referring to the sum of its fee-related earnings,
realized carried interest, realized principal investments, interest
expense, and general and administrative expenses; excluding
equity-based compensation costs and depreciation and amortization.
The most directly comparable measure disclosed in the primary
financial statements of Brookfield Asset Management for DE is net
income. This provides insight into earnings received by the company
that are available for distribution to common shareholders or to be
reinvested into the business.
We use Fee-Related Earnings (“FRE”) and DE to
assess our operating results and the value of Brookfield’s business
and believe that many shareholders and analysts also find these
measures of value to them.
We disclose a number of financial measures in
this news release that are calculated and presented using
methodologies other than in accordance with U.S. GAAP. These
financial measures, which include FRE and DE, should not be
considered as the sole measure of our performance and should not be
considered in isolation from, or as a substitute for, similar
financial measures calculated in accordance with U.S. GAAP. We
caution readers that these non-GAAP financial measures or other
financial metrics are not standardized under U.S. GAAP and may
differ from the financial measures or other financial metrics
disclosed by other businesses and, as a result, may not be
comparable to similar measures presented by other issuers and
entities.
We provide additional information on key terms
and non-GAAP measures in our filings available at
bam.brookfield.com.
Notice to Readers
BAM is not making any offer or invitation of any
kind by communication of this news release and under no
circumstance is it to be construed as a prospectus or an
advertisement.
In addition to historical fact, this news
release contains “forward-looking information” within the meaning
of Canadian provincial securities laws and “forward-looking
statements” within the meaning of the U.S. Securities Act of 1933,
the U.S. Securities Exchange Act of 1934, and, “safe harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations (collectively, “forward-looking statements”).
Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future results, events or
conditions, and reflect management’s current estimates, beliefs and
assumptions regarding the operations, business, financial
condition, expected financial results, performance, prospects,
opportunities, priorities, targets, goals, ongoing objectives,
strategies, capital management and outlook of BAM, Brookfield Asset
Management and its subsidiaries, as well as the outlook for North
American and international economies for the current fiscal year
and subsequent periods, and which are in turn based on management’s
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management believes are appropriate in the circumstances.
Forward-looking statements include words such as “expect”,
“anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”,
“target”, “project”, “forecast”, “intend”, “plan”, “seek”,
“strive”, “will”, “may” and “should” and similar expressions. In
particular, the forward-looking statements contained in this news
release include statements referring to future results,
performance, achievements, prospects or opportunities of BAM,
Brookfield Asset Management or the Canadian, U.S. or international
markets.
Although BAM believes that such forward-looking
statements are based upon reasonable estimates, beliefs and
assumptions, factors that could cause actual results to differ
materially from those contemplated or implied by forward-looking
statements include, but are not limited to: our lack of independent
means of generating revenue; our material assets consisting solely
of our interest in Brookfield Asset Management; challenges relating
to maintaining our relationship with Brookfield Corporation and
potential conflicts of interest; BAM being a newly formed company;
our liability for our asset management business; our ability to
maintain BAM’s excepted status as a “foreign private issuer” and an
“emerging growth company” under U.S. federal securities laws; the
difficulty for investors to effect service of process and enforce
judgments in the United States, Canada and/or other applicable
jurisdictions; the impact on growth in fee-bearing capital of poor
product development or marketing efforts; our ability to maintain
our global reputation; volatility in the trading price of our class
A limited voting shares; being subjected to numerous laws, rules
and regulatory requirements; the potential ineffectiveness of our
policies to prevent violations of applicable law; meeting our
financial obligations due to our cash flow from our asset
management business; foreign currency risk and exchange rate
fluctuations; requirement of temporary investments and backstop
commitments to support our asset management business; rising
interest rates; revenues impacted by a decline in the size or pace
of investments made by our managed assets; our earnings growth can
vary, which may affect our dividend and the trading price of our
class A limited voting shares; exposed risk due to increased amount
and type of investment products in our managed assets; difficulty
in maintaining our culture or managing our human capital; political
instability or changes in government; unfavorable economic
conditions or changes in the industries in which we operate;
catastrophic events, such as earthquakes, hurricanes, or
pandemics/epidemics; deficiencies in public company financial
reporting and disclosures; ineffective management of environmental,
social and governance (ESG) considerations, and inadequate or
ineffective health and safety programs; failure of our information
and technology systems; us and our managed assets becoming involved
in legal disputes; losses not covered by insurance; inability to
collect on amounts owing to us; information barriers that may give
rise to conflicts and risks; risks related to our renewable power
and transition, infrastructure, private equity, real estate, and
other alternatives, including credit strategies; risks relating to
Canadian and United States taxation laws; and other factors
described in our annual report on Form 20-F, including those set
forth under Item 3.D “Risk Factors,” Item 4.B “Business Overview”
and Item 5.A “Operating Results.”
We caution that these factors are not exhaustive
and that other factors could also adversely affect future results.
Readers are cautioned not to place undue reliance on
forward-looking statements that are included in this news release,
which are made as of the date of this news release. Except as
required by law, BAM undertakes no obligation to publicly update or
revise any forward-looking statements, whether written or oral,
that may be as a result of new information, future events or
otherwise.
Past performance is not indicative nor a
guarantee of future results. There can be no assurance that
comparable results will be achieved in the future, that future
investments will be similar to historic investments discussed
herein, that targeted returns, growth objectives, diversification
or asset allocations will be met or that an investment strategy or
investment objectives will be achieved (because of economic
conditions, the availability of appropriate opportunities or
otherwise).Target returns and growth objectives set forth in this
news release are for illustrative and informational purposes only
and have been presented based on various assumptions made by BAM in
relation to the investment strategies being pursued, any of which
may prove to be incorrect. There can be no assurance that targeted
returns or growth objectives will be achieved.
Certain of the information contained herein is
based on or derived from information provided by independent
third-party sources. While BAM believes that such information is
accurate as of the date it was produced and that the sources from
which such information has been obtained are reliable, BAM makes no
representation or warranty, express or implied, with respect to the
accuracy, reasonableness or completeness of any of the information
or the assumptions on which such information is based, contained
herein, including but not limited to, information obtained from
third parties.
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