* Q3 EPS 34 cents vs Wall Street estimate of 38 cents
* Reports Q3 net inflows of $4.8 bln vs. $5.3 bln in Q2 (Adds details on new fund, reasons for EPS miss; takes out analyst quote from before conference call)
BOSTON Aug 18 (Reuters) - Asset manager Eaton Vance Corp (EV.N) reported quarterly results on Wednesday that fell short of analysts' estimates, and its shares fell more than 4 percent.
Eaton Vance said that net income for its fiscal third quarter, ended July 31, rose to $41.8 million, or 34 cents per share, driven by higher fees. That compared with $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 million.
In a note to investors Ticonderoga Securities analyst Douglas Sipkin said the company's net inflows of $4.8 billion for the quarter also came in below his estimate of $5.2 billion.
The net inflows of $4.8 billion for the July quarter were up from $3.9 billion a year earlier, but down from flows of $5.3 billion in the three months ended April 30.
"The miss on both EPS and flows should weigh on shares today," he wrote.
On a conference call with analysts, Eaton Vance executives described a new fund they plan to introduce in the fast-growing global funds category that should help increase inflows.
But they also acknowledged profit pressures during the quarter such as a shift of flows into lower-profit bond funds, market declines and the costs of launching a new closed-end fund.
Not all analysts may have factored those costs into their estimates, said company Vice President Dan Cataldo in an interview after the call.
"Put all those things together and the consensus would have been closer to what we reported," he said.
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.
In Wednesday morning trading, the stock was down $1.21, or 4.1 percent, at $28.40. (Reporting by Ross Kerber; Editing by Lisa Von Ahn, Gerald E. McCormick and Steve Orlofsky)