Brookfield Asset Management (TSX:BAM.A) has posted record revenues of $34 billion U.S. for the third quarter as investors chased higher yields in a low interest-rate environment.
The company, which is one of the world’s largest alternative asset managers, cited strong demand for its real estate and credit offerings. That helped fee-related capital surge to $341 billion U.S., Brookfield said in its latest earnings release.
Toronto-based Brookfield Asset Management plans to raise $125 billion U.S. for the next round of its flagship funds after it brings in $100 billion U.S. in the current round.
The company also reported funds from operations of $0.85 a share, which fell short of analysts’ estimates of $0.90. Adjusted earnings per share came in at $0.47, while revenue rose to $19 billion U.S., an 18% gain year-over-year.
Brookfield shares rose 1.8% to $61.50 U.S. in premarket trading in New York. The stock has gained 48% year-to-date.
