Eaton Vance adjusted profit rises 30 percent on strong inflows

Wed Aug 21, 2013 8:56am EDT

(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)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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