Bruce Flatt

Bruce Flatt
Born	James Bruce Flatt 10 6, 1965
Birthplace	Winnipeg, Manitoba, Canada
Nationality	Canadian
Occupation	Business executive, investor
Known for	CEO of Brookfield Asset Management
Education	University of Manitoba (BComm)
Spouse(s)	Lonti Ebers
Awards	CEO of the Year (The Globe and Mail, 2017); Harvard Business Review Best-Performing CEOs (2018)
Website	[brookfield.com Official site]

James Bruce Flatt (born June 10, 1965) is a Canadian businessman and investor who served as the chief executive officer of Brookfield Asset Management, one of the world's largest alternative asset managers, from 2002 until early 2026. Born in Winnipeg, Manitoba, Flatt joined the firm in 1990 and rose through its ranks during a period of dramatic transformation, helping to reshape what had been a Canadian-focused real estate and resource company into a globally diversified investment powerhouse with operations spanning real estate, infrastructure, renewable energy, and private equity across more than 30 countries. Under his leadership, Brookfield grew its assets under management to more than one trillion dollars, and Flatt became one of the most prominent figures in global finance. Often referred to as "Canada's Warren Buffett" for his value-oriented investment philosophy, long tenure as CEO, and significant personal investment in Brookfield, Flatt has been recognized by Harvard Business Review as one of the best-performing CEOs in the world and was named CEO of the Year by The Globe and Mail in 2017. In February 2026, Flatt handed the CEO role at Brookfield Asset Management to Connor Teskey while remaining as chairman and CEO of the parent company, Brookfield Corporation.

Early Life

Bruce Flatt was born on June 10, 1965, in Winnipeg, Manitoba, Canada. He grew up in the Canadian prairies, a background that observers have noted contributed to a practical, unassuming disposition that would later contrast with the scale and global reach of the enterprise he came to lead. Details regarding his parents and family background during his childhood years are not extensively documented in public sources.

Flatt has been described by colleagues and journalists as notably understated and private for an executive of his stature. Forbes characterized him as a billionaire who avoids the public spotlight common among business leaders of comparable wealth, and profiles in The Globe and Mail and Financial Times have similarly noted his preference for letting Brookfield's results speak rather than cultivating a personal brand.

His formative years in Winnipeg placed him far from the financial centers of Toronto, New York, and London where he would later spend much of his career. The city's relatively modest economic scale relative to those global capitals did not limit Flatt's ambitions; rather, profiles of Flatt have suggested that his prairie origins instilled a value-conscious approach to business and investing that became a defining characteristic of his leadership at Brookfield.

Education

Flatt attended the University of Manitoba, where he earned a Bachelor of Commerce (BComm) degree. The University of Manitoba, located in Winnipeg, provided Flatt with a foundation in business and finance that he would apply when he entered the investment industry shortly after graduation. He joined Brookfield (then known as Brascan or Brookfield Asset Management under earlier corporate structures) in 1990, beginning his career at the company at the age of 25.

Career

Early Career at Brookfield (1990–2002)

Flatt joined Brookfield in 1990 and quickly advanced within the organization. During the 1990s, the firm—then operating under the name Brascan—was primarily a Canadian-focused conglomerate with interests in real estate, natural resources, and financial services. Flatt's early years at the company coincided with a period of significant restructuring in the Canadian corporate landscape, and he played an increasingly prominent role in the firm's real estate operations and strategic direction.

His work in the firm's real estate division during this period helped lay the groundwork for the investment philosophy that would later define Brookfield's approach: acquiring high-quality, real assets at attractive valuations, often during periods of market distress, and operating them to generate stable, long-term cash flows. The Globe and Mail noted that Flatt and a small group of senior partners—collectively referred to as "the Brookfield four"—were instrumental in building the strategic framework that would transform the company from a Canadian conglomerate into a global alternative asset manager.

CEO of Brookfield Asset Management (2002–2026)

Flatt was appointed CEO of Brookfield Asset Management in 2002, taking the helm at a challenging time for financial markets following the bursting of the dot-com bubble and the aftermath of the September 11 attacks. Brookfield had direct exposure to the World Trade Center site; the firm was a significant commercial landlord in Lower Manhattan, and the attacks in September 2001 placed the company at the center of one of the most consequential events in modern American urban history. The New York Times profiled the company's role as "a landlord at disaster's margin," highlighting the challenges and responsibilities that came with managing major properties adjacent to Ground Zero.

Under Flatt's leadership, Brookfield undertook a fundamental transformation. The company shifted from its historical identity as a Canadian holding company to become one of the largest alternative asset managers in the world. This transformation involved several key strategic moves:

Global Expansion: Flatt oversaw Brookfield's expansion into markets across South America, Europe, Asia, Australia, and the Middle East. By the mid-2020s, the firm operated in more than 30 countries, managing assets across real estate, infrastructure, renewable power, private equity, and credit. Forbes described Flatt as a "billionaire toll collector of the 21st century," referencing Brookfield's strategy of owning essential physical infrastructure—ports, pipelines, toll roads, data centers, power generation facilities—that produces recurring revenue streams.

Value-Oriented Investing: Flatt's investment philosophy centered on acquiring real assets at discounts to their intrinsic or replacement value, particularly during periods of economic distress or market dislocation. This approach drew frequent comparisons to Warren Buffett's investment style, earning Flatt the informal moniker "Canada's Warren Buffett." Like Buffett, Flatt maintained a significant personal financial stake in the company he managed, aligning his interests with those of shareholders and investors.

Asset Management Growth: A central element of Brookfield's transformation under Flatt was the development of a large-scale third-party asset management business. Rather than deploying only its own capital, Brookfield raised funds from institutional investors—pension funds, sovereign wealth funds, endowments, and insurance companies—to invest alongside it. This fee-generating model allowed Brookfield to grow its influence and returns while diversifying its revenue base. The firm's assets under management grew from tens of billions of dollars when Flatt became CEO to more than one trillion dollars by the mid-2020s.

Oaktree Capital Acquisition: In 2019, Brookfield acquired a majority stake in Oaktree Capital Management, the large credit-focused investment firm co-founded by Howard Marks. The deal, reported by Bloomberg News, expanded Brookfield's capabilities in credit and distressed debt investing and added further scale to its asset management platform.

Corporate Restructuring: In the early 2020s, Brookfield underwent a corporate restructuring that separated the asset management business from the parent corporation. Brookfield Asset Management was listed as a standalone, publicly traded company focused on fee-related earnings from managing capital for institutional clients, while Brookfield Corporation retained the firm's invested capital and operating businesses. This separation was designed to provide investors with greater clarity regarding the company's distinct business lines and to unlock value in the asset management franchise.

Real Estate and Infrastructure Focus

Brookfield's real estate portfolio under Flatt grew to become one of the largest in the world. The firm owned and operated iconic properties across major global cities, with a particularly significant presence in New York City. In 2025, Flatt expressed optimism about a rebound in the New York real estate market, citing a lack of new construction and the prospect of declining interest rates as factors that would support rising rents and property values. "Rents are going through the roof," Flatt told investors, according to Yahoo! Finance Canada.

Infrastructure investments under Flatt's leadership encompassed a broad range of essential services, including utilities, transport, energy, and data infrastructure. Forbes noted that Brookfield's infrastructure portfolio functioned as a modern toll-collection enterprise, generating steady income from assets that were integral to economic activity in the countries where they operated.

AI Infrastructure and Energy

In the mid-2020s, Flatt positioned Brookfield as a major player in the infrastructure required to support artificial intelligence and data-intensive computing. In a February 2026 interview with Bloomberg News, Flatt discussed his strategy around AI infrastructure and nuclear power, areas he identified as central to the firm's future growth. The rapid expansion of data centers to support AI workloads created significant demand for reliable power generation, and Brookfield moved to invest in both the physical infrastructure and the energy supply chains needed to support this trend.

Brookfield's 2026 Investment Outlook, published over Flatt's name as CEO, identified trends and opportunities in private markets including the energy transition, infrastructure buildout, and the convergence of technology and real assets as defining themes for the coming years.

Succession and Transition (2026)

In February 2026, Brookfield announced that Connor Teskey, aged 38, would succeed Flatt as CEO of Brookfield Asset Management. Flatt remained as chairman of Brookfield Asset Management and as CEO of the parent company, Brookfield Corporation, maintaining a central role in the firm's strategic direction while delegating day-to-day management of the asset management business to the next generation of leadership.

The succession plan reflected Flatt's stated belief in long-term institutional continuity. In a Bloomberg interview, he discussed the transition and his evolving role, indicating that the move had been planned well in advance and was designed to ensure a smooth handoff while preserving the firm's culture and strategic orientation.

Investment Philosophy

Flatt's investment approach, as articulated in interviews and public letters to shareholders, has centered on several core principles: acquiring high-quality real assets at discounts to replacement cost; focusing on downside protection; maintaining long time horizons; and operating assets directly rather than relying solely on financial engineering. In a 2025 appearance on the Knowledge Project podcast, Flatt described how Brookfield built what the host characterized as "a trillion-dollar empire" by combining value discipline with operational capabilities in real assets.

In a September 2025 podcast appearance on the Norwegian sovereign wealth fund's In Good Company program, Flatt discussed Brookfield's approach to private markets, investment strategy, and the global megatrends—including decarbonization, deglobalization, and digitalization—that he believed would shape investment opportunities in the coming decades.

Personal Life

Flatt is married to Lonti Ebers, an art collector and cultural philanthropist. Ebers has been recognized by ARTnews as one of the top 200 art collectors in the world, and she has been involved in arts and cultural organizations for many years. In 2021, The New York Times reported on the opening of Amant, a contemporary art center in Brooklyn, New York, a project with which Ebers was associated.

Flatt has maintained a relatively low public profile for a billionaire of his stature. He has been noted for avoiding ostentatious displays of wealth and for a preference for privacy in his personal affairs. Forbes listed Flatt on its billionaires list, ranking him #622 globally in 2022.

Recognition

Flatt has received significant recognition within the business and financial communities for his leadership and investment track record:

• In 2017, The Globe and Mail named Flatt its CEO of the Year, profiling him alongside his senior leadership team—referred to as "the Brookfield four"—and documenting how they built what the newspaper described as "Canada's most successful international player."

• In 2018, Harvard Business Review included Flatt in its ranking of the best-performing CEOs in the world, an assessment based on long-term financial performance measures including total shareholder return and market capitalization growth during each executive's tenure.

• Forbes has consistently included Flatt on its lists of the world's billionaires and has profiled him as one of the most significant figures in the global alternative investment industry.

• The Financial Times has profiled Flatt as a leading figure in the growth of alternative asset management, and The Globe and Mail separately recognized him in a profile titled "The Toughest SOBs in Business," reflecting his reputation for tenacity and discipline in deal-making.

The comparisons to Warren Buffett, while informal, have been repeated across multiple major publications and reflect both Flatt's investment style—patient, value-oriented, concentrated in real assets—and his practice of maintaining a substantial personal stake in the company he manages.

Legacy

Flatt's tenure at Brookfield is defined by the transformation of a mid-sized Canadian conglomerate into one of the world's largest and most diversified alternative asset managers. When he joined the firm in 1990, it was a domestically focused holding company; by the time he handed the CEO role of the asset management arm to Connor Teskey in 2026, Brookfield managed more than one trillion dollars in assets across multiple continents and asset classes.

The firm's growth under Flatt reflected broader trends in global capital markets, including the rise of alternative investments as an asset class, the increasing allocation of institutional capital to private markets, and the growing importance of infrastructure and real assets in portfolio construction. Flatt both benefited from and helped accelerate these trends, positioning Brookfield at the center of several of the most significant capital flows of the early 21st century.

His investment philosophy—centered on acquiring real assets at discounts, focusing on downside protection, and maintaining long time horizons—has been studied and discussed in business schools, investment conferences, and financial media. The Knowledge Project podcast described Brookfield's trajectory under Flatt as a "trillion-dollar blueprint" built on "value, discipline, durability."

Flatt's approach to corporate structure—separating the asset management fee business from the operating and investing company—became a model studied by other large alternative asset managers considering similar separations. The February 2026 succession, in which Flatt stepped back from the asset management CEO role while retaining leadership of the parent corporation, was structured to preserve institutional continuity and to ensure that the culture and strategic approach he had built would persist under new leadership.

Within Canada, Flatt is considered one of the country's most significant business figures of his generation. His ability to build a globally competitive institution from a Canadian base, during a period when many Canadian companies struggled to compete internationally, has been cited as a distinguishing achievement.