Brookfield Asset Management aims to raise US$150B this year

Brookfield Asset Management Ltd. says it expects to raise a multibillion-dollar bundle of cash this year after boosting distributable earnings last quarter, even as net income fell by a third.

The company, which owns a one-quarter stake in the asset management business that is 75% owned by Brookfield Corp., posted net income of US$109 million in the quarter ended June 30 versus US$125 million in the first three months of the year.

The business, Brookfield Asset Management, was spun off from Toronto-based Brookfield Corp. in December last year.

The full asset management business, which keeps its results in U.S. dollars, earned US$455 million in its second quarter, down 32% from US$668 million in the same period a year earlier.

However, distributable earnings climbed to US$527 from US$511 million a year prior, and revenue rose to US$985 million from US$924 million.

Connor Teskey, president of Brookfield Asset Management, says the company expects to raise close to US$150 billion of capital this year after having attracted US$37 billion to date, despite a slowdown in the alternative-asset sector.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.