Eaton Vance Corp. on Wednesday reported assets under management for its money management affiliates of $192.9 billion as of July 31, down 2.3% from the prior quarter and off 3.1% from the year before.
By distribution channel, Eaton Vance reported long-term mutual fund assets of $110.3 billion; institutional separate account assets of $40.3 billion; retail managed account assets of $27.4 billion; high-net-worth assets of $14.7 billion and cash management fund assets of $200 million as of July 31.
The company reported diluted earnings per share of 43 cents for the quarter ended July 31, down 2.3% from the prior quarter and off 22% from the year-earlier quarter.
Revenues, meanwhile, came to $298.8 million, down 2% from the prior quarter and down 9% from the year before.
The company's fiscal third-quarter earnings came in below the average estimate of 47 cents for the quarter from of analysts covering the stock, amid net outflows of $1.4 billion for the quarter from the firm's long-term mutual funds and separate accounts.
A news release detailing the company's latest results tied those net outflows — which followed inflows of $600 million for the prior quarter and $1.9 billion for the year-earlier period — to $3.8 billion of withdrawals from Eaton Vance's large-cap value equity strategy, which more than offset $2.4 billion in inflows for other long-term strategies.
Thomas E. Faust Jr., Eaton Vance's chairman and CEO, said in a statement that despite the heavy outflows from the firm's large-cap value equity strategy in the most recent quarter, improving performance numbers for that strategy and “a robust pipeline of new institutional and subadvisory opportunities” were reasons for optimism that flow trends will improve in the coming months.
