Thanks to a surge in assets under management, Eaton Vance Corp. reported that its fiscal third-quarter results increased 34%.
The Boston-based money manager, which is known for its closed-end funds, announced Wednesday that profits increased to $41.8 million, or 34 cents a share for the quarter that ended July 31, up from $31.2 million, or 25 cents a share, a year earlier.
Excluding charges from its initial public offering, earnings rose to 35 cents from 27 cents.
Eaton Vance’s assets under management increased 21% to $173.31 billion as of July 31 but fell 1.7% during the quarter as market conditions declined.
Revenue increased 20% to $273.1 million as distribution and underwriter fees rose 12% and investment-advisory and administration fees rose 23%.
The strong results missed analyst expectations. According to Thomson Reuters, analysts expected the company to report earnings of 38 cents on revenue of $285 million.