Brookfield Asset Management Q3 profit up from year ago

TORONTO — Brookfield Asset Management Ltd. says it earned US$122 million in its latest quarter from its stake in the asset management business it owns with Brookfield Corp.

The company, which owns a 25 per cent stake in the asset management business that is 75 per cent owned by Brookfield Corp., says the profit in U.S. dollars amounted to 31 cents per diluted share for the quarter ended Sept. 30.

The asset management business, Brookfield Asset Management, was spun off from Brookfield Corp. in December last year.

The full asset management business, which keeps its results in U.S. dollars, earned US$494 million in its third quarter, up from US$395 million a year earlier.

Distributable earnings for the quarter amounted to US$568 million, up from U$524 million in the same quarter last year.

Brookfield Asset Management president Connor Teskey says the company has raised $61 billion of capital year-to-date including $26 billion in the third quarter.

This report by The Canadian Press was first published Nov. 6, 2023.

Companies in this story: (TSX:BAM, TSX:BN)

The Canadian Press