Brookfield 2Q Profit Rises on Asset Management Fees, Inflows

Dow Jones08-13 19:27
 
 

Brookfield posted a rise in second-quarter profit, driven by a surge in fee-related income and client inflows into its asset management arm.

The Toronto-based alternative asset management firm on Thursday posted net income of $364 million, or 14 cents a share, up from $272 million, or 10 cents a share, in the comparable quarter a year ago.

Distributable earnings before realizations, an adjusted figure, came to 61 cents a share. According to FactSet, analysts were expecting 62 cents a share.

Revenues rose to $19.41 billion from $18.08 billion.

The company's asset management division saw fee-related earnings rise by 20% compared to the prior year quarter.

The company said that it had a strong quarter for fundraising across its flagship and complementary strategies, which together with growth in credit, drove inflows of $77 billion and increased fee-bearing capital to $672 billion at quarter end.

 
 

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