Brookfield Asset Management sees first-quarter profit drop, prepares to ramp up deal-making

raised US$20-billion in the first quarter and increased its fee-related earnings, but profits declined as the company prepares for a ramp-up in deal-making.

The Toronto-based asset manager said distributable earnings - a measure of cash profits that could be paid out to investors - were US$547-million in the quarter that ended March 31. That was down from US$563-million in the same quarter last year.But the company’s earnings from fees increased modestly to US$552-million, from US$547-million last year. On average, analyst were expecting fee-related earnings of about US$600-million, according to data from the London Stock Exchange Group.

Brookfield said it has US$106-billion available to invest, and is looking to take advantage of thawing markets as interest rates appear to have peaked and buyers and sellers start to see eye to eye on price more often. “Greater stability in the markets is creating increased market liquidity,” said chief executive officer Bruce Flatt and president Connor Teskey, in a joint letter to shareholders released Wednesday. “This in turn is leading to greater transaction activity, which is supported by a significant amount of dry powder to invest.”Brookfield said its insurance business and the Castlelake deal have added US$75-billion to assets under management since the first quarter ended.

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