Brookfield Asset Management Ltd.’s earnings rose in the fourth quarter as it wrapped up a record year of fundraising. Find out more.
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The Canadian alternative asset manager reported distributable earnings of US$569 million, or 35 cents U.S. a share, up six per cent from the prior year. It’s the first quarterly report for Brookfield Asset as a public company after it was spun out of parent Brookfield Corp. in December.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Brookfield Corp. spun off a 25 per cent stake in the division in an effort to gain a higher valuation by separating the money-management business from its own investment capital. Brookfield Asset managed US$418 billion in fee-bearing capital at the end of December across asset classes including real estate, infrastructure, credit, private equity and renewable power.Article content
The Toronto-based company plans to more than double that to US$1 trillion by 2027, driven by ambitious plans to grow in private credit and insurance. Some of the growth may come through acquisitions, Flatt suggested at a conference in December. Brookfield invested US$73 billion and sold US$34 billion of investments during 2022, Flatt and Teskey said in their letter.
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