(Bloomberg) -- Brookfield Asset Management Ltd. reported a gain in quarterly profits and said its assets under management rose to a record of approximately US$1 trillion.
Distributable earnings for the second quarter rose to $548 million, or 34 cents a share, the Toronto-based firm said in a statement Wednesday. That’s slightly below the average estimate of analysts in a Bloomberg survey and up from $527 million a year earlier.
“We had another strong quarter, which included $68 billion of capital raised,” Brookfield Asset President Connor Teskey said in the statement, citing momentum in its credit business and “unprecedented opportunities” in its renewable power and transition business.
The inflows included $49 billion of insurance capital from American Equity Investment Life Holding Co., $4 billion from its renewable power and transition business and $1.1 billion from its real estate fund.
The firm agreed to a slew of deals in the quarter, including acquiring a majority stake in French renewable developer Neoen SA; investing in Dubai-based GEMS Education, one of the world’s largest private school operators; and buying a stake in Gulf Islamic Investments’ logistics unit.
Fee-bearing capital climbed to $514 billion at the end of the second quarter, up 17 per cent over the past year. Brookfield has said it aims to get to $1 trillion in fee-paying assets by 2028.
The company deployed and committed around $20 billion of capital during the quarter and had a total of $107 billion of dry powder. The board declared a quarterly dividend of 38 cents per share.
With assistance from Dinesh Nair
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