Neuberger Berman reported second-quarter earnings of $24.5 million, or 35 cents a share, down nearly 25% from earnings of $32.5 million, or 46 cents a share, a year earlier.
Assets under management in separately managed accounts and mutual funds rose 8.5%, however, to $63.7 billion. This is the highest asset level in the companys history, Neuberger Berman said. But because fees from SMAs are calculated on previous quarter assets, second-quarter results do not yet reflect the increase, the firm said. The firm expects its increase in assets to impact third-quarter earnings.
The firms revenues decreased 7.4% in the quarter, to $148.5 million.