Investment firm Eaton Vance ( EV) reported lower second-quarter earnings as the company's managed assets declined in a weak stock market. Results missed analyst expectations by 3 cents.

The company earned $25 million, or 36 cents a share, compared with $32.8 million, or 46 cents a share, in the prior-year quarter. Analysts were expecting 39 cents a share.

Eaton Vance said assets under management were $57.9 billion at the end of the second quarter, down 2% from $59.2 billion at the end of the second quarter last year. Further, average assets under management were down 5% to $56.1 billion, from last year's $59.3 billion.

Total sales were $120.9 million, down from last year's $132.8 million.

Shares of Boston-based Eaton Vance were falling about 1.5% in mid-morning trading to $29.75.

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