Canada's Brookfield Asset Management's bid to buy a portfolio of assets managed by Abraaj Group's Turkish team has fallen through, according to people familiar with the matter.

Brookfield had been the front-runner to take over the assets but decided to pull out, in part because of uncertainty over Turkey's unstable economy, which could complicate future fundraising efforts, one person said. Concern over previous mismanagement at Abraaj also contributed to Brookfield's decision not to pursue the deal, the person added.