pc28����

The financial firm has relocated its headquarters from pc28����to New York, a move that was announced before he left the firm but, according to Carney not completed until after.

What is Brookfield Asset Management?

Brookfield Asset Management is a global investment firm with over $1 trillion under management. Carney joined the company’s board in 2020 after leaving his position as governor of the Bank of England.

The asset management company is just one part of the Brookfield corporation, a global firm with more than 250,000 employees that owns properties, businesses and infrastructure all over the world.

What are the Conservatives saying?

Conservative MP Michael Barrett held a news conference on Wednesday morning to accuse Carney of lying about his involvement in the company’s decision to move its headquarters from pc28����to New York.

Barrett highlighted a letter Carney wrote to Brookfield shareholders on Dec. 1 that sought approval for the move, arguing that it would “broaden our shareholder appeal” and give the company “access to the deepest pools of capital.”

Barrett said the letter is proof that Carney moved a Canadian company to New York to make more money.

“He will put profits for himself and for well-connected insiders on Bay Street and now on Wall Street, ahead of Canadians,” Barrett said.

What is Carney saying?

Carney was asked about the Brookfield move following Tuesday night’s Liberal leadership debate. He said he quit Brookfield on Jan. 15 — when he also resigned from his other board positions — and that the move was approved after that.��

“The formal decision of the board happened after I ceased to be on the board,” he said.��

On Wednesday, the Carney campaign issued a statement accusing the Conservatives of misrepresenting the record.

“Pierre Poilievre is scared of running against Mark Carney, and he’s desperate to misrepresent Mark’s serious experience in business because he has no economic experience whatsoever,” the campaign said.

The campaign pointed out that Brookfield, the parent company of Brookfield Asset Management, is still headquartered in Toronto, and said its subsidiary’s move was largely on paper.��

“The changes reported are technical in nature, and with respect to jobs, Brookfield has clearly stated that Canadian operations were not impacted,” it said.

So when did the move actually take place?

Brookfield Asset Management announced plans to relocate its headquarters in a news release issued on Oct. 31, when Carney was still on the board.

It said the move had already taken place. “BAM has now changed its head office to��New York,” the release states.��

The move was part of a broader set of changes the company made to its structure, which it said were designed to make it more attractive to large institutional investors.

New York was already the company’s largest office, and the company hoped the change would allow it to be included on stock indexes there.��

Shareholders approved the changes in a vote at the end of January, after Carney had stepped down.��

But Carney was chair when the board recommended the changes to shareholders, well before he launched his leadership campaign.��

Did Carney advocate for the move?��

In the letter Barrett presented to reporters, Carney advocates for the changes that were voted on in January and passed, although it largely focuses on the new share arrangement.��

The Star asked the Carney campaign repeatedly if he supported the moving the headquarters to New York, but did not receive a response.��

Were jobs lost in Canada as part of the move?

The Star did not receive a response from Brookfield Asset Management on Wednesday afternoon��specifically on the issue of jobs.��

But when the firm announced the move, it said that the change would “not result in any changes to the operations.”

The parent company remains headquartered in pc28����and the asset management firm is one of the largest investors in Canada. It is also still listed on the pc28����Stock Exchange.��

Update - Feb. 27, 2025

This article updated from a previous version to provide additional context around Brookfield Asset Management’s headquarters move.��