A new real estate franchise will launch in the United States next year, and the brand is backed not only by well-known asset management chief Bruce Flatt, but also the Oracle of Omaha himself: Warren Buffett.

The joint venture will be called Berkshire Hathaway HomeServices, and Toronto-based Brookfield Asset Management – of which Mr. Flatt is CEO – will provide part of the foundation for the business. HomeServices of America Inc., an affiliate of Mr. Buffett’s conglomerate Berkshire Hathaway, calls itself the second-largest independent residential real estate brokerage firm in the U.S.