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REFILE-UPDATE 1-Eaton Vance profit beats estimates on higher advisory fees
August 20, 2014 / 1:46 PM / in 3 years

REFILE-UPDATE 1-Eaton Vance profit beats estimates on higher advisory fees

(Corrects dateline)

* 3rd-qtr earnings/shr $0.63 vs est $0.62

* Assets under management up 7 pct at $288.2 bln

* Investment advisory fees up 6 pct at $311.8 mln

Aug 20 (Reuters) - Asset manager Eaton Vance Corp’s quarterly profit narrowly beat analysts’ estimates, as it investment advisory and administrative business fees increased 6 percent.

The company, however, reported net fund outflow of $200 million for the third quarter ended July 31.

Net income attributable to the company’s shareholders rose to $77.9 million, or 63 cents per share, from $23.2 million, or 18 cents per share, a year earlier.

Revenue rose about 5 percent to $367.6 million.

Total assets under management increased 7 percent to $288.2 billion due to stock market gains. Investment advisory and administrative fees rose about 6 percent to $311.8 million.

Analysts on average had expected Eaton Vance to earn 62 cents per share and revenue of $365.3 million, according to Thomson Reuters I/B/E/S.

BlackRock Inc, the world’s largest money, reported an 11 percent jump in second-quarter profit last month, boosted by strong markets that helped drive flows into its funds across asset classes and regions.

Asset manager Legg Mason Inc’s net income jumped 51 pct in the quarter ended June 30, driven by increased assets under management and lower operating expenses.

Eaton Vance shares were slightly up at $36.97 on the New York Stock Exchange on Wednesday morning. They have fallen about 14 percent this year up to Tuesday’s close. (Reporting by Amrutha Gayathri in Bangalore; Editing by Joyjeet Das)

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