Brookfield Asset Management Inc. (BAM) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 10, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by. Welcome to the Brookfield Asset Management Third Quarter 2022 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to hand the conference over to your speaker today, Suzanne Fleming. Please go ahead.

Suzanne Fleming

Thank you, operator, and good morning. Welcome to Brookfield's third quarter 2022 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, our Chief Financial Officer, Brookfield Corporation; Bahir Manios, Chief Financial Officer of our Asset Management Business.

Bruce will start off by giving a business update, followed by Bahir, who walk you through the results of our asset management business. And finally, Nick will discuss our overall financial and operating results. After our formal remarks, we will turn the call over to the operator and take analyst questions. In order to accommodate those who want to ask questions, we ask that you refrain from asking more than two questions at one time. If you have additional questions, please rejoin the queue, and we'll be happy to take any additional questions at the end, if time permits.

I'd like to remind you that in today's comments including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. securities laws.

These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

And with that, I'll turn the call over to Bruce.

Bruce Flatt

Thank you, Suzanne, and welcome everyone on the call. Our third quarter results were strong, demonstrating the resilience and the diversification of our franchise. We reported over $700 of net income and $1.4 billion of distributable earnings. In addition to these strong results, we entered into a number of strategic partnerships where we will deploy significant amount of capital alongside our partners. The economic backdrop has continued to create volatility in the capital markets with bonds and equities underperforming in the last while.