No. of Recommendations: 6
Supplemental Information
https://bam.brookfield.com/sites/brookfield-bam/fi...Letter to Shareholders
https://bam.brookfield.com/sites/brookfield-bam/fi...==========
Brookfield Asset Management reported its first quarterly decline in profit since it spun out of its parent company amid a drop in fees from some permanent capital vehicles.
Distributable earnings were $547 million, or 34 cents a share, in line with the average estimate of analysts in a Bloomberg survey and down from $563 million in the same three months a year earlier. Total fee revenue fell in three of its five main business lines, driven by lower fees from affiliated firms like Brookfield Renewable Partners and Brookfield Property Group.
Shares of Brookfield Asset Management fell as much as 4.8%, the most intraday in nearly a year, before paring losses.
The firm is pushing further into credit, which is now its largest business line by fee-bearing capital and people. Brookfield said it boosted its stake in Oaktree Capital Management by 5%, bringing its total ownership stake to 73%, after earlier this week taking a stake in private-debt firm Castlelake LP.
https://finance.yahoo.com/news/brookfield-asset-ma...==========
BN & BAM have traded neck and neck at almost the same price since the spin-off. It's interesting that now we are starting to see a divergence with BN pulling ahead. BN at 43.63 and BAM at 38.87 as I type. Board participants have previously posted that BN is a better value than BAM. Maybe the market is starting to recognize that.
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