Brookfield Asset Management reports Q3 distributable EPS 35c, consensus 32c

Reports Q3 revenue $893M, consensus $1.1B. Connor Teskey, President of Brookfield Asset Management stated, “We had an excellent quarter from a fundraising perspective. We raised $61B of capital year-to-date with $26B of that capital in the third quarter. We are very fortunate that the businesses where we have established a leadership position remain in strong demand by investors. We closed our sixth private equity strategy at $12B, our largest ever to-date. We also held strong closes for our fifth infrastructure flagship fund and third infrastructure debt fund and began raising capital for our second transition flagship fund. When completed, those funds should represent the largest funds ever raised by a sponsor for each of these respective strategies. 2023 is shaping up to be an excellent year for capital raising, which sets the stage next year for excellent earnings and dividend growth. With fundraising momentum continuing to ramp up in Q4, first closes coming for our second transition flagship fund and our fifth real estate flagship fund, as well as the anticipated completion of a contract to manage AEL’s insurance assets, we remain on track for close to our $150B capital raising target.”