The Globe and Mail reports in its Thursday edition that Brookfield Asset Management is leaning on growth from its newer, fast-growing credit and insurance businesses to drive higher earnings over the coming year as it prepares to increase deal-making. The Globe's James Bradshaw writes that a deal to buy a majority stake in credit manager Castlelake LP earlier this week underscores Brookfield's ambition to be a major global player in credit markets, as demand for private credit has grown rapidly -- from companies spurned by increasingly risk-averse banks, but also from investors who want to tap into the rapid growth in the asset class. A newly formed credit group at Brookfield now manages $300-billion, including $50-billion of assets from the recent acquisition of U.S.-based insurer American Equity Investment Life (all figures U.S.). Brookfield also bought an additional 5-per-cent share of its Oaktree Capital Group LLC subsidiary, which has expertise in distressed debt and is expected to pounce on chances to buy struggling loans at discounts, bringing Brookfield's ownership to 73 per cent. Over all, Brookfield's first-quarter net income was $441-million, down from $516-million in the same period a year earlier.