Brookfield hikes dividend as asset manager earnings hit record

Brookfield Corp. reported distributable earnings of US$1.5 billion, or 63 cents U.S. a share, excluding gains on asset sales. Photo by Peter J. Thompson/National PostArticle contentBrookfield Corp.’s profit rose in the fourth quarter as the company reported record earnings from its asset manager and strong growth in its wealth business.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe money manager, which keeps its books in U.S. dollars, also said it will now pay a quarterly dividend of seven U.S.cents per share, up from six U.S. cents per share.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentBrookfield reported distributable earnings of US$1.5 billion, or 63 cents U.S. a share, excluding gains on asset sales, according to a statement Thursday.Article contentArticle contentThe financial results were “supported by our asset management business recording US$112 billion of inflows, the continued growth of our wealth solutions business, and our operating businesses generating resilient and growing cash flows,” Brookfield Corp. president Nick Goodman said in the statement.Article contentPosthasteBreaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe parent company owns a majority stake in Brookfield Asset Management Ltd. The asset manager’s distributable earnings grew 7.5 per cent during the quarter to US$746 million, with the wealth unit’s profit jumping 24 per cent, “supported by strong investment performance and continued expansion of the insurance asset base,” the firm said in the statement. This more than offset the 18 per cent drop in earnings from the operating businesses.Article contentThe Canadian company is pressing ahead with plans to morph into an investment-led insurer. Last week, Bruce Flatt stepped down as the chief executive officer of the asset manager as he turns his attention to Brookfield Corp., which he continues to run.Article contentFlatt intends to merge Brookfield Corp. shares with those of Brookfield Wealth Solutions into a single listed entity, to simplify the structure and “support the next evolution of Brookfield, with one entity conducting all of our insurance and balance sheet investment activities,” he said in a letter to shareholders.Article contentArticle contentThe merger will add capital to the insurance operations, which will drive growth of the “overall business and the advancement of our real asset focused investment strategy,” he said.Article contentRead More Brookfield names Connor Teskey new CEO of flagship asset management arm Brookfield's buyout CEO chases triple-digit growth in bleak era Article contentBrookfield Corp. and the wealth arm would continue to operate under existing management teams, investment processes, and risk frameworks, according to a person familiar with the matter.Article contentLast year, the company combined Brookfield Business Partners and its sister entity, Brookfield Business Corporation, into a single publicly traded vehicle, eliminating the dual-listed structure.Article contentBrookfield will assess making similar changes to its other listed entities, including infrastructure, Flatt said.Article contentBloomberg.comArticle contentTrending Telus picks former CIBC CEO Victor Dodig to replace Entwistle at helm Telecom Russia memo sees return to U.S. dollar system in pitch made for Trump Economy David Rosenberg: Memo to Mark Carney: Don’t bring a butter knife to an economic gun fight Economy Posthaste: Why Canada's job market is in a lot worse shape than you think News Telus Picks Former Bank Chief Dodig to Replace Longtime CEO PMN Business Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. 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