BOSTON (AP) ¿ Investment manager Eaton Vance Corp. said Tuesday its profit jumped 39 percent in the fourth quarter on higher assets under management and lower investment losses. For the three months ended Oct. 31, the company earned $48.4 million, or 39 cents per share. That compared to $34.9 million, or 28 cents per share, in the year-ago period. Quarterly revenue edged up 2 percent to $254.1 million from $249.8 million the same time last year. Earnings in the latest quarter were increased by about 5 cents per share by tax adjustments primarily related to stock-based compensation. Last year, Eaton Vance's investment losses cut fourth-quarter earnings by 13 cents per share. The company recorded an impairment charge of $13.2 million on investment losses. The performance beat Wall Street expectations. On average, analysts polled by Thomson Reuters expected earnings of 33 cents per share on revenue of $250.3 million. In the latest quarter, assets under management grew to $154.9 billion, up 26 percent from $123.09 billion in 2008. That helped lift quarterly investment advisory and administration fees 2 percent, to $195 million. For the full year, Eaton Vance earned $130.1 million, or $1.08 per share. That was down 34 percent from $195.7 million, or $1.57 per share last year. Thomas E. Faust Jr., the company's chairman and CEO, noted in a release that earnings in 2010 should continue improving as a result of expense controls and favorable trends in asset management. Shares of Eaton Vance fell 94 cents, or 3.1 percent, to $29.60 in afternoon trading.
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