Evergreen Investments had $258.2 billion in assets under management in the third quarter, up 3% from the second quarter and 2.4% from the previous year, said Laura Fay, spokeswoman. Evergreen's June acquisition of Metropolitan West Capital Management added $5.5 billion in equity assets to the Sept. 30 total. Evergreen parent Wachovia Corp. reported third-quarter earnings from asset management, which includes Wachovia Retirement Services, at $30 million, up 11% from the prior quarter and 43% from the year-earlier quarter, as margins improved to 12% from 10%.
Amid talk that Wachovia is in the running to acquire MFS Investment Management, CEO Ken Thompson told analysts Monday that Wachovia remains open to doing a money management acquisition that meets his firm's criteria for internal rate of return and adding to Wachovia's earnings within two years.
Separately, Charles Schwab Corp.'s revenue from asset management and administration was $650 million in the quarter ended Sept. 30, up 11.3% from the same quarter in 2005, according to a news release. For the first nine months of the year, revenue was $1.91 billion, up 13.5% over the first three quarters of 2005.
The largest source of growth occurred in individual assets advised by Schwab, up 25% year-over-year, to $1.33 trillion. Assets in employer-provided retirement plans grew 18% to $169 billion. Subsidiary U.S. Trust's assets under management grew 3% year-over-year, to $93.6 billion.
