Eaton Vance Delivers Impressive Growth In Q2

Vanessa Doctor

20 May 2010

Boston-based investment management firm Eaton Vance saw an almost 40 per cent rise in profit for the second quarter, helped mostly by higher net inflows.

For the three months to 30 April, the company posted a net income of $36 million, from $25.8 million in the year-earlier period, while net revenue went up 38 per cent to $273 million, from around $198.4 million previously. Assets under management had grown 39 per cent from $127.7 billion to $176.2 billion.

The most obvious gain, perhaps, came from its total net inflows, which surged from just $800,000 during the same quarter last year to $5.3 billion.

"The net inflows in the second quarter ranks this among the highest growth periods in company history. Growth in managed assets resulting from strong net sales and market appreciation positions the company for continued improvement in financial performance," said Thomas E Faust, the chairman and chief executive officer.