MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, August 22, 2007 Eaton Vance Reports Rise In Net Income Eaton Vance Corp. saw net income increase 33 percent in the quarter ended July 31. The Boston asset manager posted net earnings of $55.8 million, or 41 cents a share, for the third quarter of fiscal 2007, compared to $41.8 million, or 31 cents a share, in the year-ago period. The earnings numbers met analyst estimates. Eaton Vance said earnings for the quarter were reduced by $14.8 million, or 7 cents a share, owing to the launch of the close-end Eaton Vance Risk-Managed Diversified Equity Income Fund in July. Assets under management at the end of the quarter stood at $152.3 billion, up 26 percent from a year ago. "While we experienced an increase in retail mutual fund redemptions in July and August, solid retail managed account inflows have more than offset these outflows," said Eaton Vance chairman and chief executive James B. Hawkes in a statement. "Our lack of exposure to sub-prime mortgage loans, private equity and hedge funds, combined with our broad stable asset mix and strong financial condition should help shield the company from highly volatile financial markets," he added. Printed from: MFWire.com/story.asp?s=15484 Copyright 2007, InvestmentWires, Inc. All Rights Reserved |