Why Brookfield Asset Management Stock Is Soaring Today
Shares of Brookfield Asset Management (NYSE: BAM) surged as much as 13.8% by 2:45 p.m. ET on Thursday. The main factor driving up the giant alternative asset manager's share price was its strong third-quarter results.
Brookfield Asset Management reported $1.2 billion of operating funds from operations (FFO) in the third quarter, a 30% increase from the prior-year period. The company benefited from the strength of its asset management business -- fee-related earnings increased 20% year over year to $531 million -- and its investments across private equity, real estate, infrastructure, and renewable energy.
Brookfield had an excellent quarter raising capital from investors. Inflows totaled $33 billion as it closed several new funds, including its fifth flagship infrastructure fund and sixth flagship private equity fund. Those inflows grew its fee-bearing capital to $407 billion, up 19% year over year.
Source Fool.com
