Brookfield Asset Management Q4 Income Rises, Announces 15% Hike Dividend

(RTTNews) - Brookfield Asset Management Ltd. (BAM), a global alternative asset manager, Wednesday reported higher earnings in the fourth quarter, with over $135 billion of capital raised during the quarter.

The company also announced a 15 percent raise in its quarterly dividend, owing to positive outlook and strong financial position.

For the fourth quarter, net income rose to $688 million or $0.42 per share from last year's $374 million or $0.23 per share.

Distributable earnings grew to $649 million or $0.40 per share from $586 million or $0.36 per share last year.

Analysts, on average, had expected the company to earn $0.39 per share. Analysts' estimates typically exclude special items.

The Board announced a quarterly dividend of $0.4375 per share, reflecting a 15% increase, payable on March 31, to shareholders of record on February 28.

President, Connor Teskey, said, "2024 was another strong year for our business. We raised over $135 billion of capital, including a record $29 billion of organic fundraising in the fourth quarter. This fundraising momentum, alongside annual capital deployments of $48 billion drove year-over-year growth of 18% for our fee-bearing capital, and 17% for our fourth quarter fee-related earnings."

In the pre-market trading, Brookfield is 0.99% higher at $56.20 on the New York Stock Exchange.