Brookfield Asset Management Ltd. raised its dividend as it reported a profit of US$95 million in its latest quarter from its stake in the asset management business it owns with Brookfield Corp.

The company, which owns a 25 per cent stake in the asset management business that is 75 per cent owned by Brookfield Corp., says it will now pay a quarterly dividend of 38 cents US per share, up from 32 cents US.

The increased payment to shareholders came as it says its profit in U.S. dollars amounted to 24 cents US per diluted share for the quarter ended Dec. 31.

The asset management business, Brookfield Asset Management, was spun off from Brookfield Corp.

The full asset management business, which keeps its results in U.S. dollars, earned US$374 million in its fourth quarter, down from US$504 million a year earlier.

Distributable earnings for the full asset management business for the quarter amounted to US$586 million, up from U$569 million a year earlier.

This report by The Canadian Press was first published Feb. 7, 2024.