Brookfield Asset Management said it plans to raise $100 billion for its next round of flagship funds after it delivered first-quarter earnings buoyed by share sales and asset divestitures.
The Toronto-based alternative asset manager sold $13 billion of assets during the quarter, resulting in $6.4 billion in profit for Brookfield and its clients, the company said Thursday. Brookfield’s share amounted to $1.8 billion. Chief Executive Bruce Flatt called it an exceptional result.
“In the current low-interest-rate environment, demand for the type of assets we own is strong,” Flatt said in a letter to shareholders. “Many of our businesses are critical infrastructure assets that are underpinned by long-dated, contracted or regulated cash flows. With the capital markets being highly accommodative, we have been monetizing assets.”
Source: Crains New York
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