TORONTO — Brookfield Asset Management Ltd. says it earned fourth-quarter net income of US$186 million from its stake in the asset management business it owns with Brookfield Corp.
The company says it will pay a quarterly dividend of 43.75 cents US per share, up from 38 cents US per share.
Brookfield Asset Management Ltd., which keeps its books in U.S. dollars, says its fourth-quarter profit amounted 42 cents US per diluted share for the quarter ended Dec. 31, up from US$95 million or 24 cents US per diluted share a year earlier.
Brookfield Corp. spun off the asset management business in 2022, but maintained a majority stake in the operations, while Brookfield Asset Management Ltd. held the rest of the company.
The full asset management business, which reports its results in U.S. dollars, reported a fourth-quarter profit attributable to the business of US$688 million, up from US$374 million a year earlier.
Since the end of the quarter, Brookfield Corp. has swapped its 73 per cent in the asset management business for a 73 per cent stake in Brookfield Asset Management Ltd. which now owns the full asset management business.
This report by The Canadian Press was first published Feb. 12, 2025.
Companies in this story: (TSX:BAM, TSX:BN)
The Canadian Press
