Brookfield Asset Management Ltd.’s earnings rose in the fourth quarter as it wrapped up a record year of fundraising that has given the firm more than US$90 billion to invest.
The Canadian alternative asset manager reported distributable earnings of US$569 million, or 35 cents a share, up 6 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.
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.
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