Brookfield's third-quarter profit rises to US$1.31 billion

BNN Bloomberg reported that Brookfield Corporation, a global investment firm, earned a profit of US$1.31 billion in the third quarter, up from US$219 million a year earlier. Revenue rose 9% to US$20.69 billion from US$18.92 billion, and the reported figures do not explain why profit grew so much faster.

Nick Goodman, Brookfield’s president, said asset management raised $25 billion and wealth solutions, its retirement-products arm, grew earnings 22%. Fee-bearing capital, the client money on which Brookfield earns fees, reached $682 billion.

After quarter-end, commitments to its flagship infrastructure fund, a pool of client money, rose $13 billion to $26 billion. It expects the first close, when a fund accepts its first committed money, in coming weeks.

Brookfield Corporation is merging with Brookfield Wealth Solutions; shares of both will swap one-for-one for a new Brookfield Corporation Ltd. when the deal closes, expected on December 1. Its shares are expected to trade as BN on the New York Stock Exchange (NYSE) and Toronto Stock Exchange (TSX) from December 3. Brookfield’s predecessors began trading on the TSX in 1902.

Sources: BNN Bloomberg · Brookfield Corporation · SEC EDGAR (Brookfield Wealth Solutions Form 6-K)