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Brookfield Asset Management fourth-quarter profit down from year ago

A man makes his way to work though the early morning light at Brookfield Place in downtown Toronto on Wednesday, August 13, 2014. THE CANADIAN PRESS/Nathan Denette

TORONTO — 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$19 million.

It was the first quarterly report for the company that was spun off from Brookfield Corp. on Dec. 9, 2022.

Brookfield Asset Management Ltd. owns 25 per cent of the asset management business that is 75 per cent owned by Brookfield Corp.

The full asset management business, which keeps its results in U.S. dollars, earned US$504 million for the three months ended Dec. 31, down from US$557 million in the last three months of 2021.

The asset management business earned US$1.92 billion for the full year, up from US$1.85 billion in 2021.

Brookfield Corp. is scheduled to report its fourth-quarter results on Thursday.

This report by The Canadian Press was first published Feb. 8, 2023.

Companies in this story: (TSX:BAM, TSX:BN)

The Canadian Press

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