* 4th-quarter EPS $0.45 vs $0.40 a year earlier
* 4th-quarter adj EPS $0.53 vs est $0.48
* Net inflows of $2.2 billion in 4th-quarter
Nov 20 Asset manager Eaton Vance Corp's
fourth-quarter profit breezed past analysts' estimates, as
investors put more money into its funds.
Net income attributable to shareholders rose to $53.1
million, or 45 cents per share, from $46.8 million, or 40 cents
per share, a year earlier.
Excluding items, the Boston-based company earned 53 cents
Analysts on average expected the company to earn 48 cents
per share, according to Thomson Reuters I/B/E/S.
For the quarter ended Oct. 31, Eaton Vance reported net
inflows of $2.2 billion into long-term funds and separate
accounts, compared with net outflows of $2.7 billion in the
year-earlier quarter and $1.4 billion in the third quarter.
Separate accounts include money managed outside of funds for
institutional clients and high net-worth individuals.
Traditional asset managers like Eaton Vance that earn fees
on equity funds have seen their profits pressured over the past
year as cautious investors move their money to lower-fee funds.
Fourth-quarter revenue rose 4 percent to $309.9 million,
while investment advisory and administration fees increased 6
percent, helped by a higher fee rate.
Assets under management rose to $199.5 billion as on Oct.
30, from $192.9 billion as on July 31.
Rival money managers Waddell & Reed Financial Inc
and Affiliated Managers Group also posted
estimate-topping profits when they reported quarterly results
Eaton Vance shares, which on Monday touched their highest in
over a year, were up 2 percent at $30.78 in early trade on the
New York Stock Exchange on Tuesday.