Eaton Vance earnings take 3Q fall

The firm saw net income slip to $49.6 million from $55.8 million in the year-ago period.
AUG 20, 2008
By  Bloomberg
Eaton Vance Corp. posted an 11% profit drop in third-quarter earnings, attributed to market value declines on new assets due to weak credit and equity markets. The Boston based-money manager saw net income slip to $49.6 million, or 40 cents a share, from $55.8 million, or 41 cents a share, in the year-ago period. Eaton Vance’s assets under management for the three-month period ending July 31 increased 2% to $155.8 billion from the third quarter of 2007. Third-quarter net inflows increased 38% to $5.8 billion compared with $4.2 billion a year earlier.

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