Eaton Vance profit doubles

Eaton Vance's profit more than doubled in the fiscal second quarter as clients entrusted more money to the investment manager, the company said today.

The company earned $53.2 million, or 43 cents per share, in the three months ended April 30, compared with profit of $23.1 million, or 17 cents per share, in the fiscal second quarter last year.

Profit met analysts' expectations, according to a Thomson Financial survey.

Revenue, which the company derives mainly from charging fees for managing clients' investments, climbed 5 percent to $273.4 million from $260.2 million. Analysts expected revenue of $277.7 million.

Chief Executive Thomas E. Faust Jr. said in a statement he is "pleased with the company's solid performance in the midst of a difficult environment for asset managers."

The stock market was essentially flat in the three months ended April 30.

Clients poured $4.9 billion into their accounts in the second quarter, boosting investments under management by 4 percent to $159.1 billion.

Faust said Eaton Vance is in a good spot to reap the benefits of a stabilizing market.

Shares of the company added 14 cents to $40.64 in morning trading. (AP)