Deals
American Equity Sinks as Josh Harris Deal Spurs Brookfield Clash
- Disagreement said to focus on investment in Josh Harris firm
- Brookfield’s Shah leaves board, cites ‘fundamental change’
Sachin Shah
Source: BloombergThis article is for subscribers only.
American Equity Investment Life Holding Co. plunged the most in more than two years after a Brookfield Asset Management Inc. executive resigned from its board in a dispute over an investment in a firm being launched by Josh Harris, according to people familiar with the matter.
Sachin Shah, chief executive officer of Brookfield Asset Management Reinsurance Partners Ltd., said in a letter he was stepping down from American Equity’s board because of a “fundamental change in the strategic direction of the company” and “a material departure from the AEL 2.0 strategy.” He didn’t give further details.