BOSTON (Reuters) - Eaton Vance Corp reported
a 34 percent rise in quarterly profit as the asset manager
earned higher fees, but the results missed analysts'
The Boston asset manager said Wednesday that in the
third quarter ended July 31, net income rose to $41.8 million,
or 34 cents per share, from $31.2 million, or 25 cents per
share, a year earlier.
Analysts on average had expected the company to earn 38
cents a share, according to Thomson Reuters I/B/E/S, on revenue
of $284.9 million. Revenue came in below that target at $273.1
Shares of Eaton Vance had fallen 5 percent for the year
through Tuesday, compared with a decline of 14 percent for a
Dow Jones index of U.S. asset managers. Net inflows to its
funds in past quarters have helped the stock.
Net inflows were $4.8 billion in the July quarter, up from
$3.9 billion a year earlier, but down from flows of $5.3
billion in the three months ended April 30.
(Reporting by Ross Kerber; Editing by Lisa Von Ahn)