BOSTON (AP) -- Eaton Vance Corp. said Wednesday its fiscal third-quarter profit fell 25 percent, as a drop in the average amount of assets it managed resulted in lower fees for the company.
The Boston-based investment manager earned $50.2 million, or 43 cents per share, down from $68.1 million, or 55 cents per share, in the same quarter last year.
Revenue dropped 8.6 percent to $298.8 million from $327.1 million.
The results fell short of Wall Street predictions. Analysts, on average, expected a profit of 47 cents per share on $304.1 million in revenue, according to a FactSet poll.
Companies like Eaton Vance have seen their revenue from fees tumble this year, as market volatility has prompted many of their customers to move their money to less risky investments with lower fees.
Investment and advisory fees fell 6.6 percent to $244.7 million on a 4 percent drop in average assets under management and a slight decrease in average effective fee rates. Distributions and service fees fell a combined 17 percent to $52.8 million, also as result of a drop in managed assets.
The company reported net outflows from long-term funds and separate accounts of $1.4 billion compared with net inflows of $1.9 billion in the year-ago period.
Eaton Vance shares fell 83 cents, or 3 percent, to $26.46 in morning trading.
