The mystery of Mark Carney’s next job is solved.
Brookfield Asset Management Inc., the global investment firm with about US$550 billion in assets under management, has hired the former Bank of England governor to lead an ambitious expansion into environmental and social investing.
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The Toronto-based company plans to develop a group of funds that try to marry positive social and environmental outcomes with strong investment returns. Carney will join Brookfield as vice chairman and steer its environmental, social and governance (ESG) investment strategy.
Bruce Flatt, Brookfield’s chief executive officer, said in an interview he expects the new ESG group could eventually grow to the size of its real estate, infrastructure, and private equity businesses. Carney will be instrumental in that expansion because of his strong relationships with sovereign wealth funds and his range of business experience, Flatt said.