Eaton Vance announced Tuesday that its earnings in the second quarter rose 2% to $38.5 million, or 29 cents per diluted share, in the fiscal fourth quarter ended Oct. 31, and that they would have been higher, were it not for long-term debt and a 17% increase in employee compensation, Reuters reports.

A year ago, Eaton Vance earned $37.7 million, or 27 cents a share.

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