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Brookfield Asset Management Inc. reported second-quarter net income attributable to common shareholders that was lower than the previous year, as revenue rose.

The alternative asset manager, which keeps its books in U.S. dollars, says its net income attributable to common shareholders was US$590 million or 34 cents per diluted share for the quarter ended June 30, down from US$816 million or 49 cents per diluted share a year earlier.

Revenue totalled US$23.26 billion, up from US$18.29 billion in the second quarter of 2021.

Funds from operations for the quarter totalled US$1.4 billion or 84 cents per share, down from US$1.6 billon or US$1.01 per share a year earlier.

Brookfield says its distributable earnings were US$1.19 billion, down from US$1.23 billion a year earlier.

Brookfield reported record inflows of US$56 billion since the end of the last quarter and says its fundraising outlook remains strong.

Nick Goodman, CFO at Brookfield, said in a statement that the firm now has “a record of US$111 billion of cash and capital available for investment.”