Nvest LP of Boston reported its second quarter net income declined 12.6 percent to $2.9 million from $3.3 million a year earlier. The company said its net income declined because a drop in equity assets, which command higher fees, offset gains in fixed income assets.
Revenue was also down by seven percent to $159.8 million from $172.3 million a year earlier. The company said its revenue declined because most of its revenue comes from managing money for institutions and individuals. That business declined 8.5 percent to $145.3 million from $158.8 million in the second quarter of 1998. The company also reported it had $136 billion of assets under management in June, the same amount it was overseeing a year ago. At the end of the first quarter, it was managing $133 billion in assets.