The Financial Post reports in its Saturday, May 9, edition that Brookfield Asset Management's profit rose in the first quarter, driven by strong fundraising and an increase in fee-paying assets. A Bloomberg dispatch to the Post says distributable earnings climbed by 7 per cent to $702-million, or 43 cents per share, beating the average analyst estimate of 42 cents a share, according to data compiled by Bloomberg (all figures U.S.). The firm's fee-bearing capital grew 12 per cent to $614-billion year-over-year after $108-billion of fundraising over the past 12 months, according to its first quarter earnings statement on Friday. "We have significant capital available to deploy as opportunities emerge, market-leading positions in the fastest-growing alternatives segments, and limited exposure to areas of market stress," chief executive officer Connor Teskey said in the statement. Mr. Teskey took over as CEO in February from Bruce Flatt, who remains chair of the asset manager. Mr. Flatt is the CEO of parent company Brookfield Corp. and is attempting to transform Brookfield into an investment-led insurer.