Brookfield Asset Management Ltd. says its share of the latest quarterly profit of the asset management business it owns with Brookfield Corp. amounted to US$125 million.

The company, which owns a 25 per cent stake in the asset management business that is 75 per cent owned by Brookfield Corp., says the profit amounted to 31 cents per diluted share for the quarter ended March 31.

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

The full asset management business, which keeps its results in U.S. dollars, earned US$516 million in the quarter, up from US$348 million in the same quarter a year earlier.

Revenue totalled US$966 million, up from US$755 million in the first three months of 2022.

Distributable earnings for the business totalled US$563 million, up from US$491 million in the same quarter last year.

Brookfield Asset Management president Connor Teskey said the business is off to a strong start for the year. 

"All our flagship funds are currently in the market fundraising and we have a number of new strategies that are gaining traction," Teskey said in a statement.

The company says it raised US$13 billion during the first quarter and an additional US$6 billion subsequent to quarter ended. 

Assets under management totalled more than US$825 billion.

This report by The Canadian Press was first published May 10, 2023.