Eaton Vance 2nd-quarter Profit Falls 52 Percent

BOSTON (AP) — Investment manager Eaton Vance Corp. on Wednesday said its fiscal second-quarter profit fell 52 percent as market declines continued to chip away at the value of the assets it manages, pushing down revenue for its advisory services.

For the three months ended April 30, Eaton Vance earned $25.8 million, or 22 cents per share, compared with $53.2 million, or 43 cents per share, in the prior year.

The per-share figures reflect a 3 percent decline in the number of outstanding shares year-over-year.

Revenue fell 27 percent to $198.4 million from $273.4 million last year.

Per-share profit narrowly beat expectations from analysts polled by Thomson Reuters, who forecast 21 cents per share. But results fell short of Wall Street's expectation for revenue of $205 million.

Eaton Vance's largest revenue source, investment advisory and administration, dropped 24 percent to $153.2 million. The company said the decline reflects a 21 percent decrease in average assets under management, along with a modest decline in its average investment advisory fee rate.