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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

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