Buoyed by increased revenue in its money management business, profits climbed 18% in the fiscal third quarter at the Boston investment management firm Eaton Vance.
Net income rose to $41.2 million, or 29 cents per share, from $35 million, or 25 cents per share, a year ago. Revenue totaled $190.8 million, up 15 percent from $165.9 million a year ago, according to a report from the Associated Press.
Eaton Vance officials said investment adviser and administration fees were up 21% to $127.8 million. Distribution and underwriting fees slipped 1.0% to $35.2 million, while service fees rose 15% to $26.6 million.
As of July 31, assets under management at Eaton Vance totaled $106 billion, 18% greater than the $89.4 billion at the end of last year's quarter.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.