Brookfield Asset Management’s earnings declined as volatile markets weighed on valuations of private assets, but the firm says it’s still on track for its biggest year of fundraising ever.
Brookfield has launched fundraising for an opportunistic credit fund that it expects to be more than $16bn, according to a letter to shareholders from Chief Executive Officer Bruce Flatt on Thursday. Its fifth flagship infrastructure fund stands at $21bn and it has closed a real estate fund with $17bn, Flatt said.
Brookfield jumped nearly 10 per cent to $44.53 — the biggest intraday rise since November 2020 — at 9:35 a.m. in New York.
Brookfield’s net income fell to $716 million in the third quarter from $2.7bn in the same period last year because of lower valuation and disposition gains, the Toronto-based asset manager said in a statement.
Read more: BNN Bloomberg
