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Brookfield to acquire MLP, infrastructure manager Center Coast Capital

Brookfield Asset Management is acquiring master limited partnership and energy infrastructure manager Center Coast Capital Holdings, which has $4 billion in assets under management, said Amanda Klein, spokeswoman in an email.

Terms are not being disclosed. In conjunction with the deal, Brookfield will acquire certain assets of Liberty Street Advisors, the subadviser for the Center Coast MLP Focus Fund, a retail MLP fund.

Brookfield is also acquiring Liberty Street affiliates HRC Fund Associates and HRC Portfolio Solutions, which are the marketing and servicing agent to wealth management channels for Center Coast Capital investment strategies. The transaction is expected to close in the first quarter of 2018.

Brookfield executives expect the deal will help it market its public securities investment funds to retail investors. The transaction will help Center Coast access institutional investors.