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Brookfield Asset Management reports Q1 net income of $857M

Brookfield Asset Management Inc. reported first-quarter net income attributable to shareholders of $857 million, or 84 cents per share, compared to a net loss of $37 million, or 8 cents per share, in the prior-year quarter.

Revenues for the quarter surged year over year to $12.63 billion from $6.00 billion.

Funds from operations for the first quarter were $1.17 billion, up 74% from $674 million in the year-ago period.

Fee related earnings continue to increase as a result of the growth in fee bearing capital and higher performance fee income. Fee bearing capital grew 12% year over year to $127 billion in the first quarter, led by private funds and public securities businesses, the company said.