The Financial Post reports in its Thursday edition that Brookfield Asset Management has posted its first quarterly decline in profit since it spun out of its parent company amid a drop in fees from some permanent capital vehicles. A Bloomberg dispatch to the Post says that distributable earnings were $547-million, or 34 cents a share, in line with expectations and down from $563-million in the same three months a year earlier (all figures U.S.). Total fee revenue fell in three of its five main business lines, driven by lower fees from affiliated firms such as Brookfield Renewable Partners LP and Brookfield Property Group LLC. Brookfield was spun out from parent Brookfield Corp. in 2022 to appeal to shareholders looking to invest in its asset management business without being exposed to its real estate and other so-called real assets. The firm said it raised $20-billion of capital in the first quarter. The firm is pushing further into credit, which is now its largest business line by fee-bearing capital and people. Brookfield said it boosted its stake in Oaktree Capital Management by 5 per cent, bringing its total ownership stake to 73 per cent, after earlier this week taking a stake in private-debt firm Castlelake LP.