An average 24% increase in advisory, distribution and service fees fueled a 87% surge in Eaton Vance’s first quarter profits to $46.2 million, or 37 cents per share, compared with profit of $24.7 million, or 21 cents per share in the year-ago quarter ended Jan. 31.
Revenue rose 30% to $272 million, up from $209.5 million, beating consensus estimates of $212.2 million. Assets under management rose 32.6% to $161.6 billion, up from $121.9 billion in the first quarter of 2009.
“Eaton Vance’s improving financial results reflect both continuing organic growth and the sharp recovery in market prices over the past year,” said Thomas E. Faust, Jr., chairman and chief executive officer. “Growth in our managed assets has been nicely balanced between funds and separate accounts and among leading investment disciplines.”