Subject: BN BAM divergence
BN up 15% over the last 12 months while BAM is down 15%. Usually they track each other fairly closely, as their economic drivers are very similar and BN own about 75% of BAM.

Any ideas why their fortunes are diverging?

Could the growth of the insurance business be a factor? Are investors rerating BAM at lower valuations as an insurance underwriter compared to asset managers?