Brookfield Asset Management has entered into an agreement to acquire a majority stake in residential mortgage credit manager Angel Oak.
The terms of the deal and specific amount of the stake were not disclosed, according to a joint news release April 1.
Angel Oak has more than $18 billion in assets under management, and the firm will continue to operate independently upon completion of the deal, the news release said. Sreeni Prabhu and Mike Fierman, who co-founded Angel Oak in 2008, will continue in their current roles as co-CEOs.
Following the completion of the acquisition, Brookfield will offer its investors access to Angel Oak’s residential mortgage credit strategies, according to the news release.
Angel Oak’s origination and investment capabilities will provide a strong complement to Brookfield’s current credit offerings, said Craig Noble, CEO of Brookfield’s $317 billion credit business, in the news release.
“We believe Brookfield can add significant value as Angel Oak looks to build upon its success by both broadening and deepening its relationships with institutional investors,” Noble said.
Brookfield has a total of more than $1 trillion in assets under management.
A Brookfield spokesperson could not be immediately reached for further information.
