Brookfield Asset Management (TSX:BAM, NYSE:BAM) shares fell almost 7% after the investment firm posted mixed third quarter earnings.
The company reported that distributable earnings per share came in at $0.63, slightly below the consensus forecast of $0.66.
Net income attributable to Brookfield shareholders was $219 million for the quarter, down from $1.52 billion a year earlier.
Revenue of approximately $18.9 billion for the quarter was in line with estimates.
Brookfield highlighted strong results in its asset management and wealth solutions segments, including record fee-related earnings of $754 million in asset management and 15% growth in distributable earnings from wealth solutions. The company also reported a record $178 billion in deployable capital.
“Our financial performance in the third quarter was strong, supported by record results in our asset management business, sustained organic growth across our wealth solutions platform, and the resilience of our operating businesses,” Brookfield president Nick Goodman said in a statement.
Over the last 12 months, distributable earnings before realizations increased 18% to $5.4 billion, or $2.27 per share.