U.S. Markets open in 5 hrs 52 mins

Eaton Vance fiscal 2Q net income jumps 20 percent

BOSTON (AP) -- Eaton Vance Corp. said Wednesday its fiscal second-quarter net income jumped 20 percent, as an increase in its assets under management boosted investment and advisory fees.

For the quarter ended April 30, the investment manager earned $63.7 million, or 50 cents per share, up from $52.9 million, or 44 cents per share, in the same quarter the year before.

Excluding one-time items, the company said it posted an adjusted profit of 52 cents per share for the recent quarter.

Revenue rose 9 percent to $331.7 million from $304.8 million, as investment and advisory fees rose 11 percent to $276.9 million.

The adjusted profit matched Wall Street predictions, while the revenue was slightly lower than expected. Analysts, on average, expected a profit of 52 cents per share on $337 million in revenue, according to FactSet.

Eaton Vance attributed the higher profit to an increase in investments and strong markets. Net inflows in to long-term funds and separate accounts jumped to $6.6 billion from $600 million in the year-ago period.

Consolidated assets under management totaled $260.3 billion as of April 30, representing a 32 percent increase over the company's year-ago level. That jump included $34.8 billion of managed assets gained in the company's December acquisition of Clifton Investment Management Co.

Eaton Vance shares rose 11 cents to $43.86 in morning trading.