Eaton Vance had record assets under management of $150 billion at the close of its second quarter April 30, up 11% from the prior quarter and up 26% from the year before, CFO William M. Steul said in an interview. The company reported $21.3 billion of net inflows into its long-term mutual funds and separate accounts over the past 12 months, and market appreciation of $9.8 billion, according to a news release.
Net income for the latest quarter came to $23.1 million, an eight-fold increase from the prior quarter but a 42% drop from the year-earlier quarter. The large swing was attributed to expenses associated with the recent IPO of a $5.8 billion closed-end fund and a one-time payment to terminate closed-end fund compensation agreements with Merrill Lynch and A.G. Edwards. Revenues for the latest quarter came to $260.2 million, up 7% from the prior quarter and up 23% from the year-earlier quarter.