Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Faust's Bets Pay Off Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 22, 2013

Faust's Bets Pay Off

Reported by Tommy Fernandez

Sometimes, things just come together.

In the case of Eaton Vance, the Beantown asset manager reported adjusted net earnings of $66.02 million, or 52-cents per share, for the second quarter of 2013, up from $53.97 million, or 45-cents per share, from the same period last year. This met analyst consensus.

Meanwhile, revenues rose to $331.69 million compared to $304.77 million the same period last year -- slightly below analyst consensus of $335.51 million.

An important figure to note was that of net inflows of $6.6 billion in the second quarter of fiscal 2013, compared to net inflows of $0.6 billion in the second quarter of fiscal 2012 and $5.4 billion in the first quarter of fiscal 2013.

As a result, consolidated AUM were $260.3 billion on April 30, 2013, an increase of 32 percent over the $197.5 billion of managed assets on April 30, 2012 and an increase of 5 percent from the $247.8 billion of managed assets on January 31, 2013.

Eaton reported that the year-over-year AUM increase reflects the $34.8 billion of managed assets gained in the December 2012 acquisition of the former Clifton Investment Management Company by Eaton subsidiary Parametric Portfolio Associates LLC, and twelve-month net inflows of $12.7 billion and market price appreciation of $15.4 billion.

These solid figures reflect a number of factors, including some successful bets by chief executive Thomas Faust-- and fair equity winds.

For example, there was the aforementioned Clifton acquisition, rebranding of some funds, and the hiring of two consultant honchoes, and a new marketing chief.

The firm is also looking at a new kind of ETF. Meanwhile, Eaton is also embracing a "solutions" focus to marketing and is enjoying a market return to its equity sweet spot.

The healthy numbers generated healthy media attention, including write-ups by reporters at Reuters; MarketWatch; Nasdaq; Utah People's Post and Dividend.com

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use