TheStreet

Eaton Vance (EV - Get Report)  was rising more than 6% Tuesday to $39.60 after fiscal second-quarter earnings for the Boston-based hedge fund topped Wall Street estimates.

The company said it had a profit of 89 cents per share, a 14% year-over-year increase, on revenue of $411.9 million, which was down slightly from $412.7 million a year earlier. Analysts polled by Zacks were expecting the company to report earnings of 76 cents per share. 

"Strong market returns and continued net inflows combined to drive Eaton Vance's consolidated assets under management to record levels in the second quarter of fiscal 2019," said Thomas E. Faust Jr., Chairman and Chief Executive Officer. "While improved from the prior quarter, the Company's operating income continues to be adversely affected by declines in managed assets of certain higher-fee strategies and spending in support of business growth."

Eaton Vance shares have risen 12.6% year to date.