Eaton Vance adjusted profit rises 30 percent on strong inflows
(Reuters) - Asset manager Eaton Vance Corp (EV.N) reported a 30 percent rise in adjusted profit in the third quarter as customers put more money into the company's funds.
Net income attributable to shareholders fell to $23.2 million, or 18 cents per share, in the quarter ended July 31, from $50.2 million, or 43 cents per share, a year earlier.
The fall in net income was mainly due to $52.9 million in costs incurred on retirement of debt.
Excluding items, adjusted net income rose 30 percent $66.5 million, or 52 cents per share.
Net inflows into long-term funds and separate accounts during the quarter was $8.8 billion, compared to net outflows of $1.4 billion, a year earlier.
Assets under management increased 39 percent to $268.8 billion as of July 31.
(Reporting by Aman Shah and Avik Das in Bangalore; Editing by Savio D'Souza)