A former Goldman Sachs executive is moving into the chief financial officer position at Brookfield Asset Management, one of the world's largest asset managers.
Toronto-based Brookfield, with about US$900 billion under management, said Hadley Peer Marshall has been appointed CFO, effective May 31. Marshall joined Brookfield in New York in 2015 in the infrastructure group and is co-head of infrastructure debt and structured solutions.
"Hadley has deep experience and knowledge of our business and operations. Her acumen, energy and investor-focused perspective are ideally suited to advancing our position as a world-class asset manager," said Connor Teskey, president of Brookfield Asset Management, in a statement.
Before joining Brookfield, she was a vice president of Goldman Sachs from 2007 until 2015. Her appointment makes her one of the highest-ranking women at Brookfield, an entity that, through various entities, has about US$276 billion in real estate assets under management with 500 million square feet of space.
In December 2022, Brookfield Corp. spun out a 25% interest in its asset management business into the separately traded Brookfield Asset Management. Brookfield Corp. owns the other 75% of the asset management business.
Marshall will succeed Bahir Manios as CFO, who has held the position since Brookfield Asset was spun into a separate company.
Manios joined Brookfield in 2004 and served in various senior roles, including CFO of Brookfield Infrastructure Partners and chief investment officer of Brookfield Reinsurance. He will remain CFO through the announcement of Brookfield's first-quarter earnings results on May 31.
"We are grateful to Bahir for his commitment in completing the establishment of BAM as a leading, pure-play publicly traded alternative asset manager, in addition to his decades of collaboration and contribution to Brookfield. He leaves our asset management business in a very strong position and, like all retiring senior partners, will remain available to assist us from time to time," said Teskey.
Geoffrey Kwan, an analyst with RBC Capital Markets, was surprised by the retirement announcement.
"We think the retirement of Mr. Manios was unexpected, in part given his age [he is approximately 45] and the relatively short duration of his tenure as CFO, which started when he was named BAM's CFO in August 2022 prior to the spin-off of the asset management business," said Kwan in a note.
Kwan added: "We think Brookfield has a deep bench and based on our prior interactions with Peer Marshall, we think she is very knowledgeable about the Brookfield story and along with her prior work experience coupled with the significant transition period, this should allow her to be successful in the new role."