Brookfield Asset Management (TSX:BAM.A) on Monday reported higher profits for the third quarter on increased fee-related earnings.
For the quarter ended September 30, 2023, the Toronto-based alternative asset manager reported a profit of $494 million, up from $395 million in the year-ago quarter.
Distributable earnings rose from $524 million to $568 million, comprised entirely of fee-related earnings.
Brookfield’s distributable earnings per share of $0.35 were up from $0.32 in the year-ago quarter and ahead of the Wall Street estimate of $0.31.
The company said it was able to raise $26 billion in capital during the third quarter, including $11 billion across its Oaktree funds and $4.3 billion between its two largest infrastructure funds.
Brookfield president Connor Teskey noted that the company has raised $61 billion in capital in the year to date, giving it $102 million on hand to deploy into market opportunities, and is on track to achieve its capital-raising target of almost $150 billion by the year end.
“2023 is shaping up to be an excellent year for capital raising, which sets the stage next year for excellent earnings and dividend growth,” Teskey said.
“With fundraising momentum continuing to ramp up in the fourth quarter, first closes coming for our second transition flagship fund and our fifth real estate flagship fund, as well as the anticipated completion of a contract to manage American Equity Investment Life Holding Company (AEL)’s insurance assets, we remain on track for close to our $150 billion capital raising target.”
Brookfield shares were higher following the release of its results, up 1.4% at US$32.11 at the opening bell on Monday.
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