Eaton Vance reports lower quarterly profit

Eaton Vance Corp. reported a lower quarterly profit Wednesday as the company grappled with tumbling stock markets and lower revenue.

The company, known for conservative portfolios such as tax-managed funds that try to minimize the taxable gains passed on to investors, said net income was $49.6 million or 40 cents per share in the third quarter ended July 31. That compares with $55.8 million, or 41 cents a share, a year before. (Reuters)