The Brookfield Asset Management Inc. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO, Brookfield Asset Management Inc. *MANDATORY CREDIT*
TORONTO – Brookfield Asset Management Ltd. says it expects to raise a multibillion-dollar bundle of cash this year after boosting distributable earnings last quarter, even as net income fell by a third.
The company, which owns a one-quarter stake in the asset management business that is 75 per cent owned by Brookfield Corp., posted net income of US$109 million in the quarter ended June 30 versus US$125 million in the first three months of the year.
The business, Brookfield Asset Management, was spun off from Toronto-based Brookfield Corp. in December last year.
The full asset management business, which keeps its results in U.S. dollars, earned US$455 million in its second quarter, down 32 per cent from US$668 million in the same period a year earlier.
However, distributable earnings climbed to US$527 from US$511 million a year prior, and revenue rose to US$985 million from US$924 million.
Connor Teskey, president of Brookfield Asset Management, says the company expects to raise close to US$150 billion of capital this year after having attracted US$37 billion to date, despite a slow-down in the alternative-asset sector.
This report by The Canadian Press was first published Aug. 9, 2023.
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