TORONTO – Brookfield Asset Management Ltd. says it earned a third-quarter profit of US$129 million from its stake in the asset management business it owns with Brookfield Corp.
The company, which owns about a 27 per cent stake in the asset management business that is 73 per cent owned by Brookfield Corp., says its net income in U.S. dollars amounted to 30 cents US per diluted share for the three months ended Sept. 30.
The result compared with a profit of US$122 million or 31 cents US per diluted share in the same quarter last year.
The asset management business, Brookfield Asset Management, was spun off from Brookfield Corp. in 2022.
The full asset management business, which keeps its results in U.S. dollars, reported a profit attributable to the business was US$544 million, up from US$494 million in the same quarter last year.
Distributable earnings for the full asset management business for the quarter totalled US$619 million, up from US$568 million a year earlier.
This report by The Canadian Press was first published Nov. 4, 2024.
Companies in this story: (TSX:BAM, TSX:BN)
