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Eaton Vance attracts less cash
Asset manager Eaton Vance Corp said quarterly profit jumped 63 per cent, but net inflows of cash from investors declined amid volatile markets. Like other asset managers whose prospects are closely tied to market indices, Eaton Vance investments have been whipsawed by recent market shocks. The concern is that volatility will make investors more reluctant to bet on funds in the future. The firm reported a profit of $68.1m for the three months to the end of July, up from $41.8m a year earlier. It reported net inflows of $1.9bn to its long-term funds and separate accounts, down from $2.9bn in the previous quarter and $4.8bn a year earlier.