Brookfield Asset Slumps After Profit Declines on Lower Fees
- Total fee revenue dropped in three of five main business lines
- Firm increases stake in Oaktree as it pushes more into credit
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Brookfield Asset Management reported its first quarterly decline in profit since it spun out of its parent company amid a drop in fees from some permanent capital vehicles.
Distributable earnings were $547 million, or 34 cents a share, in line with the average estimate of analysts in a Bloomberg survey and down from $563 million in the same three months a year earlier. Total fee revenue fell in three of its five main business lines, driven by lower fees from affiliated firms like Brookfield Renewable Partners and Brookfield Property Group.