(Reuters) - Asset manager Eaton Vance Corp (EV.N) reported a 20 percent rise in second-quarter profit as investors put more money into its floating-rate funds and a stock market rally led to positive flows in equity funds.
Net inflows into the company’s long-term funds and separate accounts soared to $6.6 billion from $600 million a year earlier.
Separate accounts include money managed outside of funds for clients like institutions and high net-worth individuals.
Net income attributable to shareholders rose to $63.7 million, or 50 cents per share, from $52.9 million, or 44 cents per share, a year earlier.
Excluding items, Boston-based Eaton Vance’s earnings were 52 cents per share.
Revenue rose 9 percent to $331.7 million, while consolidated assets under management rose to $260.3 billion on April 30.
Analysts on average had expected Eaton Vance to earn 52 cents per share on revenue of $336.6 million, according to Thomson Reuters I/B/E/S.
Customers put $280 million into Eaton Vance’s equity funds, compared with outflows of $463 million in the first quarter and outflows of $2.6 billion last year.
Net flows into the floating-rate income funds jumped to $4.94 billion from $211 million a year earlier.
Eaton Vance shares, which have risen about 40 percent so far this year, were little changed at $43.99 in early trading on the New York Stock Exchange on Wednesday.
Reporting by Aman Shah in Bangalore; Editing by Sriraj Kalluvila and Don Sebastian