Eaton Vance Corp. on Tuesday reported its assets under management totaled $297.7 billion as of Oct. 31, an increase of 3% from July 31 and a 6% rise from Oct. 31, 2013.
The company saw net inflows into long-term funds and separate accounts of $6.8 billion in the quarter, compared to net outflows of $2 billion in the previous quarter and net inflows of $3.9 billion in the quarter ended Oct. 31, 2013. The quarterly increase in AUM also reflects market price appreciation of $2.8 billion.
For the fiscal year ended Oct. 31, Eaton Vance saw market appreciation of $14.4 billion and net inflows of $2.8 billion, its earnings statement said. Net inflows were $24.7 billion the previous fiscal year.
“A strong fourth quarter enabled Eaton Vance to close fiscal 2014 with our 19th consecutive year of positive net flows,” said Eaton Vance Chairman and CEO Thomas E. Faust Jr. in the earnings statement. “We enter fiscal 2015 with favorable investment performance trends, improving net flows and the potential launch of the initial NextShares.” NextShares is the firm's soon-to-be-launched ETF business.
Revenue for the quarter reached $368.4 million, flat from the quarter ended July 31 but up 3% from the fourth quarter of fiscal 2013. Net income, meanwhile, was $85.12 million for the quarter ended Oct. 31, up 5% from the previous quarter and up 18% from the same quarter a year ago.