Brookfield’s fee-related earnings rise 15 per cent
Canadian asset manager Brookfield Asset Management increased third-quarter fee-related earnings by 15 per cent to 864 million dollars as fee-bearing capital expanded. It raised 25 billion dollars during the quarter, bringing year-to-date fundraising to 123 billion dollars. Net income also included a roughly 2 billion dollars noncash gain from buying and consolidating the remaining interest in Oaktree.
Economics & Markets··Midday
Fee-related earnings reach 864 million dollars
Brookfield Asset Management, a Canadian investment manager, increased third-quarter fee-related earnings 15 per cent to 864 million dollars from 754 million dollars. Distributable earnings rose to 763 million dollars from 661 million dollars. The company released the results on November 6, with all amounts in US dollars. Fee-bearing capital grew 13 per cent over the year to 682 billion dollars, while quarterly fundraising reached 25 billion dollars.[1], [2]
Oaktree transaction adds a noncash gain
Net income rose to 2,999 million dollars from 692 million dollars, including a roughly 2 billion dollars noncash gain linked to acquiring and consolidating the remaining interest in Oaktree, an investment manager. That transaction closed in July. Fee-related and distributable earnings are separate non-GAAP measures, with reconciliations to net income in the financial statements. The company presented unaudited interim financial information.[1]
Fundraising reaches 123 billion dollars this year
Year-to-date fundraising reached 123 billion dollars and the twelve-month total was 157 billion dollars. Brookfield invested 18 billion dollars and monetised 12 billion dollars during the quarter. Uncalled fund commitments totalled 148 billion dollars at September end. The company expects 68 billion dollars of those commitments to generate about 680 million dollars in annual fees once invested. Corporate liquidity, including cash, short-term financial assets and undrawn credit capacity, stood at 2.1 billion dollars.[1]
