United Asset Management lost $5.6 billion in net assets under management during the first quarter, pulling total managed assets down to $195.8 billion as of March 31. Diluted earnings per share were 25 cents, 1 cent lower than analysts predictions and down 6 cents from the same period last year, according to UAMs first quarter report. Net income slipped to $15.1 million from $22.1 million in the same period last year. Net income was affected by lower fee revenue and higher interest expenses related to UAMs aggressive share repurchase plan, UAM executives said in a statement. UAM Chief Executive Norton Reamer said the fundamental changes now under way at UAM are "on the right track. We are financially strong and have the resources to achieve our goals.