Eaton Vance assets fall in quarter

Eaton Vance Corp. reported $152.9 billion in assets under management as of Jan. 31, the end of its fiscal 2008 first quarter. That figure was a drop of 5.4% from the prior quarter but a 13% increase for the year. The company said first-quarter net inflows of $3.6 billion — up from $2.2 billion for the prior quarter but down from $6 billion for the year-earlier quarter — were more than offset by market depreciation of $12.3 billion. The company’s bank loan funds saw the sharpest decline in assets, down 9.9% from the prior quarter to $18.4 billion and down 9.5% from the year before; equity funds dropped 7.3% from the prior quarter to $70 billion but rose 18% from the year before.Revenue for the quarter came to $289.8 million, down 1.4% from the prior quarter but up 19% from the year before. Net income, meanwhile, came to $57.9 million, down 5.6% from the prior quarter but up sharply from $2.6 million the year before, when closed end fund-related expenses depressed earnings.