Bruce Flatt

{{short description|Canadian businessman (born 1965)}}

{{Use Canadian English|date=February 2020}}

{{Use mdy dates|date=February 2020}}

{{Infobox person

| name = Bruce Flatt

| image = Bruce Flatt Headshot.jpg

| birth_date = {{birth date and age|1965|06|10}}

| birth_place = Winnipeg, Manitoba, Canada

| nationality =

| occupation = CEO of Brookfield Asset Management

| education = University of Manitoba (BComm)

| spouse = Lonti Ebers

| website = {{url|https://www.brookfield.com/about-us/leadership/bruce-flatt}}

}}

James Bruce Flatt (born June 10, 1965){{Cite news |last=Shah |first=Oliver |date=May 7, 2023 |title=Brookfield’s Bruce Flatt: A recession will help bring people back to their senses |url=https://www.thetimes.com/business-money/article/brookfields-bruce-flatt-a-recession-will-help-bring-people-back-to-their-senses-ckgck7rh9 |work=The Sunday Times |url-access=subscription |archive-url=https://archive.today/20230506231444/https://www.thetimes.co.uk/article/brookfields-bruce-flatt-a-recession-will-help-bring-people-back-to-their-senses-ckgck7rh9 |archive-date=May 6, 2023 |url-status=live}} is a Canadian businessman and the CEO of Brookfield Asset Management. He joined Brookfield in 1990 and became CEO in 2002.{{Cite web |url=https://www.ft.com/content/d6f9b346-9bbc-320c-b5c5-7b9b4f854c91 |title=Bruce Flatt of Brookfield on owning the backbone of the global economy |website=Financial Times |access-date=October 31, 2018 |archive-date=June 23, 2020 |archive-url=https://web.archive.org/web/20200623051628/https://www.ft.com/content/d6f9b346-9bbc-320c-b5c5-7b9b4f854c91 |url-status=live }} He has been referred to as "Canada's Warren Buffett" due to his "value" investment style, extended tenure as CEO, and large investment in Brookfield.{{Cite news |last=Morrissey |first=Janet |url=https://www.nytimes.com/2010/12/19/business/19brook.html |title=Bruce Flatt Pushes Growth for Brookfield Asset Management |newspaper=New York Times |date=2010-12-18 |access-date=October 31, 2018 |archive-date=July 29, 2020 |archive-url=https://web.archive.org/web/20200729022320/https://www.nytimes.com/2010/12/19/business/19brook.html |url-status=live }} In 2022, he was ranked #622 on Forbes' Billionaires list with a net worth of US$4.5 billion.{{Cite web |title=#1717 Bruce Flatt |url=https://www.forbes.com/profile/bruce-flatt/ |work=Forbes |archiveurl=https://web.archive.org/web/20191210003349/https://www.forbes.com/profile/bruce-flatt/ |archivedate=2019-12-10 |accessdate=2020-03-12 |quote=Net Worth Over Time - $1.3B - Billionaires March 2019}}{{Cite web|title=Profile: Bruce Flatt|url=https://www.forbes.com/profile/bruce-flatt/|url-status=live|access-date=2022-01-20|website=Forbes|language=en|archive-url=https://web.archive.org/web/20170821021100/https://www.forbes.com/profile/bruce-flatt/ |archive-date=August 21, 2017 }}

Career

Flatt, whose father was an executive at a Manitoba mutual fund company,{{Cite web|last=Gara|first=Antoine|date=May 2, 2017|title=Brookfield's Bruce Flatt: Billionaire Toll Collector Of The 21st Century|url=https://www.forbes.com/sites/antoinegara/2017/05/02/brookfields-bruce-flatt-billionaire-toll-collector-of-the-21st-century/|url-status=live|access-date=2021-12-26|website=Forbes|language=en|archive-url=https://web.archive.org/web/20170502121029/https://www.forbes.com/sites/antoinegara/2017/05/02/brookfields-bruce-flatt-billionaire-toll-collector-of-the-21st-century/ |archive-date=May 2, 2017 }} was born in Canada in 1965. Following university, Flatt worked as a chartered accountant at Clarkson Gordon. Flatt joined the investment division of Brascan (Brookfield's predecessor) in 1990,{{Cite news|last=Reguly|first=Eric|author-link=Eric Reguly|date=2017-11-23|title=CEOs of the Year: How Bruce Flatt and the Brookfield four built Canada’s most successful international player|language=en-CA|work=The Globe and Mail|url=https://www.theglobeandmail.com/news/ceos-of-the-year-how-bruce-flatt-and-the-brookfield-four-built-canadas-most-successful-international-player/article37036767/|access-date=2022-02-23}} became chief executive of Brookfield Properties in 2000 and CEO of the entire business in 2002. At the time, Brascan was a major client of the accounting firm where he trained.

As CEO of Brookfield Properties, Flatt led Brookfield's response to damage caused by the September 11, 2001 attacks in Lower Manhattan.{{Cite news |last=Simon |first=Bernard |title=Private Sector; A Landlord at Disaster's Margin |url=https://www.nytimes.com/2001/09/23/business/private-sector-a-landlord-at-disaster-s-margin.html |newspaper=New York Times |date=2001-09-23 |accessdate=2020-03-11 |archive-date=July 20, 2018 |archive-url=https://web.archive.org/web/20180720225724/https://www.nytimes.com/2001/09/23/business/private-sector-a-landlord-at-disaster-s-margin.html |url-status=live }}{{Cite news |last=Daly |first=John |title=The Toughest SOBs in Business |url=https://www.theglobeandmail.com/report-on-business/rob-magazine/the-toughest-sobs-in-business/article1010274/ |newspaper=ROB Magazine |publisher=Globe and Mail |date=2003-01-31 |accessdate=2020-03-11}} Under Flatt, Brookfield became the second largest alternative-asset manager in the world, following the acquisition of a majority stake in Oaktree Capital Management in 2019.{{Cite web |url=https://www.bloomberg.com/news/articles/2019-12-04/brookfield-s-bruce-flatt-bought-a-majority-stake-in-oaktree |title=Bruce Flatt, the Accountant on a Spending Spree |last=Deveau |first=Scott |date=December 4, 2019 |newspaper=Bloomberg Businessweek |url-status=live |access-date=January 19, 2020 |archive-date=March 9, 2020 |archive-url=https://web.archive.org/web/20200309154622/https://www.bloomberg.com/news/articles/2019-12-04/brookfield-s-bruce-flatt-bought-a-majority-stake-in-oaktree }}

Flatt and a group of partners own 20% of Brookfield, individually and through a company called Partners Limited.{{Cite web|last=Brookfield Asset Management Inc.|date=June 14, 2019|title=2019 Management Information Circular|url=https://www.sec.gov/Archives/edgar/data/1001085/000119312519145529/d727825dex992.htm|access-date=2022-02-23|website=Securities and Exchange Commission}}

Recognition

Flatt was named CEO of the Year by The Globe and Mail in 2017,{{Cite web |url=https://www.theglobeandmail.com/news/ceos-of-the-year-how-bruce-flatt-and-the-brookfield-four-built-canadas-most-successful-international-player/article37036767/ |title=Meet our bargain-hunting, globe-trotting, skyline-dominating, ruthlessly smart CEOs of the Year |last=Reguly |first=Eric |date=November 23, 2017 |newspaper=The Globe and Mail |access-date=January 19, 2020 |archive-date=May 1, 2019 |archive-url=https://web.archive.org/web/20190501092956/https://www.theglobeandmail.com/news/ceos-of-the-year-how-bruce-flatt-and-the-brookfield-four-built-canadas-most-successful-international-player/article37036767/ |url-status=live }} 60th in a list of the top 100 best-performing CEOs published by Harvard Business Review in 2018,{{Cite news |url=https://hbr.org/2018/11/the-best-performing-ceos-in-the-world-2018 |title=The Best-Performing CEOs in the World 2018 |date=November 1, 2018 |work=Harvard Business Review |access-date=October 29, 2018 |archive-date=October 1, 2019 |archive-url=https://web.archive.org/web/20191001092124/https://hbr.org/2018/11/the-best-performing-ceos-in-the-world-2018 |url-status=live }} and one of Bloomberg's 50 people who defined global business in 2019.

Personal life

Flatt is married to art collector Lonti Ebers, who is the founder of a non-profit organization, Amant, and a trustee and patron of New York City's Museum of Modern Art.{{Cite web |url=https://www.artnews.com/art-collectors/top-200-profiles/lonti-ebers/ |title=Lonti Ebers |last=arielhauter |date=September 10, 2017 |website=ARTnews |access-date=February 6, 2020 |archive-date=February 6, 2020 |archive-url=https://web.archive.org/web/20200206215306/https://www.artnews.com/art-collectors/top-200-profiles/lonti-ebers/ |url-status=live }}{{Cite news|last=Loos|first=Ted|date=2021-05-04|title=An Arts Patron Widens Her Reach With a Brooklyn Museum|language=en-US|work=The New York Times|url=https://www.nytimes.com/2021/05/04/arts/amant-museum-brooklyn-lonti-ebers.html|access-date=2022-01-20|issn=0362-4331}}{{Cite web|title=Officers and trustees {{!}} MoMA|url=https://www.moma.org/about/trustees|access-date=2022-01-20|website=The Museum of Modern Art|language=en}}

He was educated at Grant Park High School and holds a bachelor's degree in accounting from the University of Manitoba.{{Cite news |last=Crabill |first=Steven |date=April 6, 2022 |title=Brookfield billionaire reveals the secret behind its 3700pc return |url=https://www.afr.com/wealth/investing/brookfield-billionaire-reveals-the-secret-behind-its-3700pc-return-20220406-p5ab5x |work=Australian Financial Review |archive-url=https://archive.today/20220405235427/https://www.afr.com/wealth/investing/brookfield-billionaire-reveals-the-secret-behind-its-3700pc-return-20220406-p5ab5x |archive-date=April 5, 2022 |url-status=live}}

Flatt lives in Toronto, London and New York City.

References

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