Attached files
| file | filename |
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| 8-K - EATON VANCE CORP 8-K 8-19-2015 - EATON VANCE CORP | evc8k_8k.htm |
![[ex99z1002.gif]](ex99z1002.gif)
News Release
Contacts: Laurie G. Hylton 617.672.8527
Daniel C. Cataldo 617.672.8952
Eaton Vance Corp.
Report for the Three and Nine Month Periods Ended July 31, 2015
Boston, MA, August 19, 2015 – Eaton Vance Corp. (NYSE: EV) today reported adjusted earnings per diluted share(1) of $0.57 for the third quarter of fiscal 2015, a decrease of 10 percent from $0.63 of adjusted earnings per diluted share in the third quarter of fiscal 2014 and a decrease of 2 percent from $0.58 of adjusted earnings per diluted share in the second quarter of fiscal 2015.
As determined under U.S. generally accepted accounting principles (“GAAP”), the Company earned $0.57 per diluted share in the third quarter of fiscal 2015, $0.63 per diluted share in the third quarter of fiscal 2014 and $0.58 per diluted share in the second quarter of fiscal 2015.
Compensation and related costs in connection with closing our Fox Asset Management LLC affiliate and other compensation costs attributable to retirements, terminations and additions to staff reduced earnings by $0.04 per diluted share in the third quarter of fiscal 2015. For comparison, costs attributable to retirements, terminations and additions to staff reduced earnings per diluted share by $0.02 per diluted share in the third quarter of fiscal 2014 and $0.01 per diluted share in the second quarter of fiscal 2015.
Adjusted earnings per diluted share were $1.76 in the nine months ended July 31, 2015 compared to $1.80 in the nine months ended July 31, 2014, a decrease of 2 percent. The Company’s GAAP earnings per diluted share were $1.39 and $1.78, respectively, for these periods. Adjusted earnings differed from GAAP earnings in the nine months ended July 31, 2015 to reflect the payment of $73.0 million, or approximately $0.37 per diluted share, to terminate service and additional compensation arrangements in place with a major distribution partner for certain Eaton Vance closed-end funds. Adjusted earnings per diluted share differed from GAAP earnings per diluted share in the nine months ended July 31, 2014 due to an increase in the estimated redemption value of non-controlling interests in affiliates redeemable at other than fair value, which reduced GAAP earnings by $0.02 per diluted share.
Consolidated net inflows of $3.9 billion in the third quarter of fiscal 2015 represent a 5 percent annualized internal growth rate (net inflows divided by beginning of period assets managed). For comparison, the Company had net outflows of $2.0 billion in the third quarter of fiscal 2014 and net inflows of $6.8 billion in the second quarter of fiscal 2015.
“The Company’s earnings in the third fiscal quarter were held back by sluggish revenues, spending to support key corporate initiatives and costs in connection with personnel changes,” said Thomas E. Faust Jr., Chairman and Chief Executive Officer. “An improving trend of core asset flows, favorable investment performance and continued progress advancing our NextShares™ actively managed exchange-traded product initiative position us for resumed earnings growth as these translate into increased revenues.”
(1) Although the Company reports its financial results in accordance with GAAP, management believes that certain non-GAAP financial measures, while not a substitute for GAAP financial measures, may be effective indicators of the Company’s performance over time. Adjusted net income and adjusted earnings per diluted share reflect the add back of adjustments in connection with changes in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value (“non-controlling interest value adjustments”), closed-end fund structuring fees, payments to end closed-end fund service and additional compensation arrangements, and other items management deems non-recurring or non-operating, such as
1
special dividends, costs associated with retiring debt and tax settlements. See reconciliation provided in Attachment 2 for more information on adjusting items.
Consolidated assets under management were $312.6 billion on July 31, 2015, an increase of 8 percent from the $288.2 billion of managed assets on July 31, 2014 and an increase of approximately 1 percent from the $311.0 billion of managed assets on April 30, 2015. The year-over-year increase in assets under management reflects net inflows of $18.9 billion and market appreciation of $5.5 billion. The sequential quarterly increase in assets under management reflects net inflows of $3.9 billion offset by market price declines of $2.4 billion.
Average consolidated assets under management were $309.8 billion in the third quarter of fiscal 2015, up 7 percent from $289.3 billion in the third quarter of fiscal 2014 and up 2 percent from $303.4 billion in the second quarter of fiscal 2015.
Attachments 5 and 6 summarize the Company’s consolidated assets under management and asset flows by investment mandate and investment vehicle. Attachment 7 summarizes the Company’s consolidated assets under management by investment affiliate.
As shown in Attachment 6, consolidated gross sales and other inflows were $32.8 billion in the third quarter of fiscal 2015, up 26 percent from $26.2 billion in the third quarter of fiscal 2014 and up 9 percent from $30.2 billion in the second quarter of fiscal 2015. Gross redemptions and other outflows were $28.9 billion in the third quarter of fiscal 2015, an increase of 3 percent from $28.2 billion in the third quarter of fiscal 2014 and up 23 percent from $23.4 billion in the second quarter of fiscal 2015.
As of July 31, 2015, 49 percent-owned affiliate Hexavest, Inc. (“Hexavest”) managed $14.8 billion of client assets, a decrease of 13 percent from the $17.0 billion of managed assets on July 31, 2014 and a decrease of 5 percent from the $15.6 billion of managed assets on April 30, 2015. Hexavest-managed funds and separate accounts had net outflows of $0.5 billion in the third quarter of fiscal 2015, $0.3 billion in the third quarter of fiscal 2014 and $0.2 billion in the second quarter of fiscal 2015. Attachment 9 summarizes assets under management and asset flow information for Hexavest. Other than Eaton Vance-sponsored funds for which Hexavest is adviser or sub-adviser, the managed assets and flows of Hexavest are not included in Eaton Vance consolidated totals.
Financial Highlights |
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| Three Months Ended | |||||
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| July 31, | April 30, | July 31, | |||
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| 2015 | 2015 | 2014 | |||
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Revenue | $ | 355,511 | $ | 351,664 | $ | 367,590 | |
Expenses |
| 238,778 |
| 229,443 |
| 236,412 | |
Operating income |
| 116,733 |
| 122,221 |
| 131,178 | |
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Operating margin |
| 32.8% |
| 34.8% |
| 35.7% | |
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Non-operating expense |
| (7,584) |
| (5,389) |
| (4,850) | |
Income taxes |
| (43,435) |
| (43,896) |
| (48,899) | |
Equity in net income of affiliates, net of tax |
| 3,260 |
| 2,957 |
| 3,840 | |
Net income |
| 68,974 |
| 75,893 |
| 81,269 | |
Net income attributable to non-controlling |
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| and other beneficial interests |
| (265) |
| (5,509) |
| (3,334) |
Net income attributable to |
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| Eaton Vance Corp. shareholders | $ | 68,709 | $ | 70,384 | $ | 77,935 |
Adjusted net income attributable to Eaton |
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| Vance Corp. shareholders(1) | $ | 68,715 | $ | 70,381 | $ | 77,876 |
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Earnings per diluted share | $ | 0.57 | $ | 0.58 | $ | 0.63 | |
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Adjusted earnings per diluted share(1) | $ | 0.57 | $ | 0.58 | $ | 0.63 | |
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Third Quarter Fiscal 2015 vs. Third Quarter Fiscal 2014
In the third quarter of fiscal 2015, revenue decreased 3 percent to $355.5 million from revenue of $367.6 million in the third quarter of fiscal 2014. Investment advisory and administrative fees were down 3 percent, as the impact of a lower average effective fee rate, driven by product mix, more than offset a 7 percent increase in average consolidated assets under management. Performance fees contributed $1.7 million in the third quarter of fiscal 2015 compared to $0.9 million in the third quarter of fiscal 2014. Distribution and service fee revenues collectively were down 7 percent, reflecting lower managed assets in fund share classes that are subject to distribution and service fees.
Operating expenses increased 1 percent to $238.8 million in the third quarter of fiscal 2015 from $236.4 million in the third quarter of fiscal 2014. Increases in compensation and other operating expenses were mostly offset by lower distribution and service fee expenses and reduced amortization of deferred sales commissions. The increase in compensation expense reflects higher salaries and benefits attributable to an increase in headcount, as well as higher stock-based compensation accruals and other compensation costs in connection with employee retirements, other terminations and additions to staff. Other expenses increased 7 percent, reflecting higher professional services, travel, facilities-related and other expenses, offset in part by lower information technology expenses. The decrease in service fee expense reflects lower average assets under management in funds subject to service fee payments. The decrease in distribution expense primarily reflects lower closed-end fund-related distribution expense following the first quarter fiscal 2015 termination of service and additional compensation arrangements in place with a major distribution partner. The decrease in amortization of deferred sales commissions largely reflects decreases in Class B share and Class C share amortization, offset by an increase in private fund commission amortization.
Expenses in connection with the Company’s NextShares initiative totaled approximately $2.0 million in the third quarter of fiscal 2015, an increase of 107 percent from $1.0 million in the third quarter of fiscal 2014.
During the third quarter of fiscal 2015, the Company and its wholly owned subsidiary Navigate Fund Solutions LLC (“Navigate”) made further progress advancing NextShares toward market introduction. In July, the U.S. Securities and Exchange Commission (“SEC”) approved the listing and trading of the 18 initial Eaton Vance NextShares funds on the NASDAQ Stock Market LLC (“Nasdaq”). To date, 11 fund advisers, including Eaton Vance, have indicated their intent to offer NextShares funds by entering into preliminary agreements with Navigate and filing request for exemptive relief with the SEC. These 11 firms collectively manage approximately $500 billion in mutual fund assets and sponsor approximately 200 funds currently rated four or five stars by Morningstar. Following the end of the third quarter, Envestnet, Inc. announced an initiative to make NextShares available on its advisor platform. Envestnet is a leading provider of unified wealth management technology and services to financial advisors, supporting over 41,000 advisors.
Operating income was down 11 percent to $116.7 million in the third quarter of fiscal 2015 from $131.2 million in the third quarter of fiscal 2014. Operating margin declined to 32.8 percent in the third quarter of fiscal 2015 from 35.7 percent in the third quarter of fiscal 2014.
Non-operating expense totaled $7.6 million in the third quarter of fiscal 2015 compared to $4.9 million in the third quarter of fiscal 2014. The year-over-year change primarily reflects a $3.8 million decline in gains (losses) and other investment income related to the Company’s investments in sponsored products and a $0.9 million increase in income (expense) of the Company’s consolidated CLO entities.
The Company’s effective tax rate, calculated as a percentage of income before income taxes and equity in net income of affiliates, was 39.8 percent in the third quarter of fiscal 2015. Excluding the impact of consolidated CLO entity income (expense) borne by other beneficial interest holders, the Company’s effective tax rate was 38.9 percent for the quarter.
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Equity in net income of affiliates decreased to $3.3 million in the third quarter of fiscal 2015 from $3.8 million in the third quarter of fiscal 2014. Equity in net income of affiliates in the third quarter of fiscal 2015 included $2.9 million of Company equity in the net income of Hexavest and $0.4 million of net income in a private equity partnership. Equity in net income of affiliates in the third quarter of fiscal 2014 included $2.9 million of Company equity in the net income of Hexavest and $0.9 million of gains (losses) and other income on the Company’s investments in sponsored funds.
As detailed in Attachment 3, net income attributable to non-controlling and other beneficial interests was $0.3 million in the third quarter of fiscal 2015 compared to $3.3 million in the third quarter of fiscal 2014.
Third Quarter Fiscal 2015 vs. Second Quarter Fiscal 2015
In the third quarter of fiscal 2015, revenue increased 1 percent to $355.5 million from $351.7 million in the second quarter of fiscal 2015. Investment advisory and administrative fees were up 1 percent, reflecting a 2 percent increase in average consolidated assets under management and an increase in the number of fee days in the quarter, offset by a slight decline in effective fee rates. Performance fees contributed $1.7 million in the third quarter of fiscal 2015 and were negligible in the second quarter of fiscal 2015. Distribution and service fee revenues collectively increased 2 percent, reflecting an increase in managed assets in fund share classes that are subject to distribution and service fees.
Operating expenses increased 4 percent to $238.8 million in the third quarter of fiscal 2015 from $229.4 million in the second quarter of fiscal 2015. The 4 percent increase reflects higher compensation, distribution and service fee expenses, fund-related expenses, other operating expenses and increased amortization of deferred sales commissions. The increase in compensation expense reflects an increase in base salaries, driven by an increase in payroll days in the current quarter, higher stock-based compensation accruals and other compensation costs in connection with employee retirements, other terminations and additions to staff, offset by a decrease in sales-based incentives. The increase in distribution expense reflects increased marketing expenses and distribution fee expenses. Service fee expense reflects increased average assets under management subject to those fees. The increase in fund-related expenses is attributable to higher fund expenses borne by the Company on funds for which it earns an all-in fee. The increase in amortization of deferred sales commissions largely reflects higher private fund commission amortization, offset by a decrease in Class B share amortization. Other expenses increased 6 percent, reflecting higher professional services, travel expenses and other corporate expenses, offset by lower information technology expenses.
NextShares-related expenses grew from $1.8 million in the second quarter of fiscal 2015 to $2.0 million in the third quarter of fiscal 2015, an increase of 12 percent.
Operating income was down 4 percent to $116.7 million in the third quarter of fiscal 2015 from $122.2 million in the second quarter of fiscal 2015. Operating margin decreased to 32.8 percent in the third quarter of fiscal 2015 from 34.8 percent in the second quarter of fiscal 2015.
Non-operating expense totaled $7.6 million in the third quarter of fiscal 2015 compared to $5.4 million in the second quarter of fiscal 2015, reflecting a $1.2 million decline in gains (losses) and other investment income related to the Company’s investments in sponsored products and a $1.0 million decline in income (expense) of the Company’s consolidated CLO entity.
Equity in net income of affiliates increased to $3.3 million in the third quarter of fiscal 2015 from $3.0 million in the second quarter of fiscal 2015. In the third quarter of fiscal 2015, equity in net income of affiliates included $2.9 million of Company equity in the net income of Hexavest and $0.4 million of net income in a private equity partnership. In the second quarter of fiscal 2015, equity in net income of affiliates included $2.6 million of Company equity in the net income of Hexavest and $0.4 million of net income in a private equity partnership.
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As detailed in Attachment 3, net income attributable to non-controlling and other beneficial interests was $0.3 million in the third quarter of fiscal 2015 and $5.5 million in the second quarter of fiscal 2015.
Balance Sheet Information
Cash and cash equivalents totaled $318.8 million on July 31, 2015, with no outstanding borrowings against the Company’s $300 million credit facility. Included within investments is $115.4 million of holdings of short-term debt securities with maturities between 90 days and one year. During the first nine months of fiscal 2015, the Company used $192.2 million to repurchase and retire approximately 4.7 million shares of its Non-Voting Common Stock under its repurchase authorizations. Of the current 8.0 million share repurchase authorization, approximately 5.9 million shares remain available.
Conference Call Information
Eaton Vance Corp. will host a conference call and webcast at 11:00 AM eastern time today to discuss the financial results for the nine months ended July 31, 2015. To participate in the conference call, please call 877-201-0168 (domestic) or 647-788-4901 (international) and refer to “Eaton Vance Corp. Third Quarter Earnings – Conference ID 1717296.” A webcast of the conference call can also be accessed via Eaton Vance’s website, www.eatonvance.com.
A replay of the call will be available for one week by calling 855-859-2056 (domestic) or 404-537-3406 (international) or by accessing Eaton Vance’s website, www.eatonvance.com. Listeners to the telephone replay must enter the confirmation code 1717296.
About Eaton Vance Corp.
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates offer individuals and institutions a broad array of investment strategies and wealth management solutions. The Company’s long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today’s most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
Forward-Looking Statements
This news release may contain statements that are not historical facts, referred to as “forward-looking statements.” The Company’s actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, client sales and redemption activity, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed in the Company’s filings with the Securities and Exchange Commission.
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| Attachment 1 | ||
Eaton Vance Corp. | |||||||||||||||||||
Summary of Results of Operations | |||||||||||||||||||
(in thousands, except per share figures) | |||||||||||||||||||
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| Three Months Ended |
| Nine Months Ended | ||||||||||||||
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| % | % |
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| Change | Change |
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| Q3 2015 | Q3 2015 |
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| July 31, | April 30, | July 31, | vs. | vs. |
| July 31, | July 31, | % | ||||||||
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| 2015 | 2015 | 2014 | Q2 2015 | Q3 2014 |
| 2015 | 2014 | Change | ||||||||
Revenue: |
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| Investment advisory and administrative fees | $ | 303,625 | $ | 300,624 | $ | 311,756 | 1 | % | (3) | % |
| $ | 906,062 | $ | 916,605 | (1) | % | |
| Distribution and underwriter fees |
| 20,285 |
| 20,048 |
| 21,548 | 1 |
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| 61,369 |
| 64,381 | (5) |
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| Service fees |
| 29,265 |
| 28,461 |
| 31,977 | 3 |
| (8) |
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| 87,573 |
| 95,097 | (8) |
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| Other revenue |
| 2,336 |
| 2,531 |
| 2,309 | (8) |
| 1 |
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| 7,101 |
| 5,829 | 22 |
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| Total revenue |
| 355,511 |
| 351,664 |
| 367,590 | 1 |
| (3) |
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| 1,062,105 |
| 1,081,912 | (2) |
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Expenses: |
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| Compensation and related costs |
| 124,400 |
| 120,075 |
| 117,632 | 4 |
| 6 |
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| 364,667 |
| 351,110 | 4 |
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| Distribution expense |
| 31,300 |
| 30,082 |
| 35,591 | 4 |
| (12) |
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| 167,649 |
| 105,924 | 58 |
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| Service fee expense |
| 26,978 |
| 26,358 |
| 29,780 | 2 |
| (9) |
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| 81,116 |
| 87,266 | (7) |
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| Amortization of deferred sales commissions | 3,767 |
| 3,692 |
| 4,084 | 2 |
| (8) |
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| 11,187 |
| 13,408 | (17) |
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| Fund-related expenses |
| 9,446 |
| 8,932 |
| 9,380 | 6 |
| 1 |
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| 27,084 |
| 26,288 | 3 |
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| Other expenses |
| 42,887 |
| 40,304 |
| 39,945 | 6 |
| 7 |
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| 120,888 |
| 117,235 | 3 |
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| Total expenses |
| 238,778 |
| 229,443 |
| 236,412 | 4 |
| 1 |
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| 772,591 |
| 701,231 | 10 |
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Operating income |
| 116,733 |
| 122,221 |
| 131,178 | (4) |
| (11) |
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| 289,514 |
| 380,681 | (24) |
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Non-operating income (expense): |
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| Gains (losses) and other investment |
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| income, net |
| (850) |
| 347 |
| 2,917 | NM |
| NM |
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| 2,299 |
| 2,592 | (11) |
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| Interest expense |
| (7,344) |
| (7,337) |
| (7,443) | - |
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| (22,017) |
| (22,247) | (1) |
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| collateralized loan obligation |
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| ("CLO") entities: |
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| Gains and other investment |
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| income, net | 1,771 |
| 2,212 |
| 1,434 | (20) |
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| 5,284 |
| 15,247 | (65) |
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| Interest and other expense |
| (1,161) |
| (611) |
| (1,758) | 90 |
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| (13,781) | (78) |
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| Total non-operating expense |
| (7,584) |
| (5,389) |
| (4,850) | 41 |
| 56 |
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| (18,189) | (4) |
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Income before income taxes and equity |
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in net income of affiliates | 109,149 |
| 116,832 |
| 126,328 | (7) |
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| 272,114 |
| 362,492 | (25) |
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Income taxes |
| (43,435) |
| (43,896) |
| (48,899) | (1) |
| (11) |
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| (104,101) |
| (138,790) | (25) |
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Equity in net income of affiliates, net of tax |
| 3,260 |
| 2,957 |
| 3,840 | 10 |
| (15) |
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| 9,363 |
| 12,344 | (24) |
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Net income |
| 68,974 |
| 75,893 |
| 81,269 | (9) |
| (15) |
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| 177,376 |
| 236,046 | (25) |
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Net income attributable to non-controlling |
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and other beneficial interests |
| (265) |
| (5,509) |
| (3,334) | (95) |
| (92) |
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| (9,280) |
| (11,852) | (22) |
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Net income attributable to |
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Eaton Vance Corp. Shareholders | $ | 68,709 | $ | 70,384 | $ | 77,935 | (2) |
| (12) |
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| $ | 168,096 | $ | 224,194 | (25) |
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Earnings per share: |
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| Basic | $ | 0.60 | $ | 0.61 | $ | 0.66 | (2) |
| (9) |
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| $ | 1.45 | $ | 1.86 | (22) |
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| Diluted | $ | 0.57 | $ | 0.58 | $ | 0.63 | (2) |
| (10) |
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| $ | 1.39 | $ | 1.78 | (22) |
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Weighted average shares outstanding: |
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| Basic |
| 113,406 |
| 114,415 |
| 116,145 | (1) |
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| 113,890 |
| 117,248 | (3) |
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| Diluted |
| 118,281 |
| 119,730 |
| 121,013 | (1) |
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| 119,013 |
| 122,550 | (3) |
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Dividends declared per share | $ | 0.25 | $ | 0.25 | $ | 0.22 | - |
| 14 |
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| $ | 0.75 | $ | 0.66 | 14 |
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6
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| Attachment 2 | |||||
Eaton Vance Corp. | ||||||||||||||||||
Reconciliation of net income attributable to Eaton Vance Corp. | ||||||||||||||||||
shareholders to adjusted net income attributable to Eaton Vance Corp. | ||||||||||||||||||
shareholders and earnings per diluted share to adjusted earnings per diluted share | ||||||||||||||||||
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| |
|
| Three Months Ended |
| Nine Months Ended | ||||||||||||||
|
|
|
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|
|
| % Change | % Change |
|
|
|
|
|
|
| ||
| July 31, | April 30, | July 31, | Q3 2015 vs. | Q3 2015 vs. |
| July 31, | July 31, | % | |||||||||
(in thousands, except per share figures) | 2015 | 2015 | 2014 | Q2 2015 | Q3 2014 |
| 2015 | 2014 | Change | |||||||||
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Net income attributable to Eaton |
|
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| |
| Vance Corp. shareholders | $ | 68,709 | $ | 70,384 | $ | 77,935 | (2) | % | (12) | % |
| $ | 168,096 | $ | 224,194 | (25) | % |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-controlling interest value adjustments |
| 6 |
| (3) |
| (59) | NM |
| NM |
|
|
| 203 |
| 2,330 | (91) |
| |
|
|
|
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| |
Payments to end certain closed-end fund |
|
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| |
| service and additional compensation |
|
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| arrangements, net of tax |
| - |
| - |
| - | - |
| - |
|
|
| 44,895 |
| - | NM |
|
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| |
Adjusted net income attributable |
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| |
| to Eaton Vance Corp. shareholders | $ | 68,715 | $ | 70,381 | $ | 77,876 | (2) |
| (12) |
|
| $ | 213,194 | $ | 226,524 | (6) |
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Earnings per diluted share | $ | 0.57 | $ | 0.58 | $ | 0.63 | (2) |
| (10) |
|
| $ | 1.39 | $ | 1.78 | (22) |
| |
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| |
Non-controlling interest value adjustments |
| - |
| - |
| - | - |
| - |
|
|
| - |
| 0.02 | NM |
| |
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| |
Payments to end certain closed-end fund |
|
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| ||
| service and additional compensation |
|
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| arrangements, net of tax |
| - |
| - |
| - | - |
| - |
|
|
| 0.37 |
| - | NM |
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Adjusted earnings per diluted share | $ | 0.57 | $ | 0.58 | $ | 0.63 | (2) |
| (10) |
|
| $ | 1.76 | $ | 1.80 | (2) |
| |
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| ||||||||||||||||
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| Attachment 3 | |||
Eaton Vance Corp. |
| |||||||||||||||||
Components of net income attributable |
| |||||||||||||||||
to non-controlling and other beneficial interests |
| |||||||||||||||||
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| Three Months Ended |
| Nine Months Ended | ||||||||||||||
|
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|
|
|
| % Change | % Change |
|
|
|
|
|
|
| ||
|
| July 31, | April 30, | July 31, | Q3 2015 vs. | Q3 2015 vs. |
| July 31, | July 31, | % | ||||||||
(in thousands) | 2015 | 2015 | 2014 | Q2 2015 | Q3 2014 |
| 2015 | 2014 | Change | |||||||||
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Consolidated funds | $ | (1,027) | $ | 315 | $ | 42 | NM | % | NM | % |
| $ | (1,226) | $ | 259 | NM | % | |
|
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| |
Majority-owned subsidiaries |
| 4,066 |
| 3,903 |
| 4,261 | 4 |
| (5) |
|
|
| 11,742 |
| 11,268 | 4 |
| |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest value adjustments |
| 6 |
| (3) |
| (59) | NM |
| NM |
|
|
| 203 |
| 2,330 | (91) |
| |
|
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| |
Consolidated CLO entities |
| (2,780) |
| 1,294 |
| (910) | NM |
| 205 |
|
|
| (1,439) |
| (2,005) | (28) |
| |
|
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Net income attributable to non-controlling |
|
|
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|
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| |
| and other beneficial interests | $ | 265 | $ | 5,509 | $ | 3,334 | (95) |
| (92) |
|
| $ | 9,280 | $ | 11,852 | (22) |
|
7
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|
|
| Attachment 4 |
|
Eaton Vance Corp. |
| ||||||
Balance Sheet |
| ||||||
(in thousands, except per share figures) |
| ||||||
|
| ||||||
|
| ||||||
|
| July 31, |
|
|
| October 31, |
|
|
| 2015 |
|
|
| 2014 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents | $ | 318,800 |
|
| $ | 385,215 |
|
Investment advisory fees and other receivables |
| 180,827 |
|
|
| 186,344 |
|
Investments |
| 637,368 |
|
|
| 624,605 |
|
Assets of consolidated CLO entity: |
|
|
|
|
|
|
|
Cash and cash equivalents |
| 73 |
|
|
| 8,963 |
|
Bank loans and other investments |
| 1,559 |
|
|
| 147,116 |
|
Other assets |
| 3,549 |
|
|
| 371 |
|
Deferred sales commissions |
| 22,845 |
|
|
| 17,841 |
|
Deferred income taxes |
| 43,585 |
|
|
| 46,099 |
|
Equipment and leasehold improvements, net |
| 45,428 |
|
|
| 45,651 |
|
Intangible assets, net |
| 57,670 |
|
|
| 65,126 |
|
Goodwill |
| 237,961 |
|
|
| 228,876 |
|
Other assets |
| 76,230 |
|
|
| 103,879 |
|
Total assets | $ | 1,625,895 |
|
| $ | 1,860,086 |
|
|
|
|
|
|
|
|
|
Liabilities, Temporary Equity and Permanent Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued compensation | $ | 135,615 |
|
| $ | 181,064 |
|
Accounts payable and accrued expenses |
| 64,943 |
|
|
| 64,598 |
|
Dividend payable |
| 30,931 |
|
|
| 30,057 |
|
Debt |
| 573,772 |
|
|
| 573,655 |
|
Liabilities of consolidated CLO entity: |
|
|
|
|
|
|
|
Senior and subordinated note obligations |
| 4,097 |
|
|
| 151,982 |
|
Other liabilities |
| 56 |
|
|
| 298 |
|
Other liabilities |
| 84,667 |
|
|
| 93,485 |
|
Total liabilities |
| 894,081 |
|
|
| 1,095,139 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Equity: |
|
|
|
|
|
|
|
Redeemable non-controlling interests |
| 111,694 |
|
|
| 107,466 |
|
Total temporary equity |
| 111,694 |
|
|
| 107,466 |
|
|
|
|
|
|
|
|
|
Permanent Equity: |
|
|
|
|
|
|
|
Voting Common Stock, par value $0.00390625 per share: |
|
|
|
|
|
|
|
Authorized, 1,280,000 shares |
|
|
|
|
|
|
|
Issued and outstanding, 429,005 and 415,078 shares, respectively |
| 2 |
|
|
| 2 |
|
Non-Voting Common Stock, par value $0.00390625 per share: |
|
|
|
|
|
|
|
Authorized, 190,720,000 shares |
|
|
|
|
|
|
|
Issued and outstanding, 116,214,971 and 117,846,273 shares, respectively |
| 454 |
|
|
| 460 |
|
Additional paid-in capital |
| - |
|
|
| - |
|
Notes receivable from stock option exercises |
| (8,360) |
|
|
| (8,818) |
|
Accumulated other comprehensive loss |
| (47,192) |
|
|
| (17,996) |
|
Appropriated retained earnings |
| 1,028 |
|
|
| 2,467 |
|
Retained earnings |
| 672,538 |
|
|
| 679,061 |
|
Total Eaton Vance Corp. shareholders' equity |
| 618,470 |
|
|
| 655,176 |
|
Non-redeemable non-controlling interests |
| 1,650 |
|
|
| 2,305 |
|
Total permanent equity |
| 620,120 |
|
|
| 657,481 |
|
Total liabilities, temporary equity and permanent equity | $ | 1,625,895 |
|
| $ | 1,860,086 |
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
| Attachment 5 | ||
Eaton Vance Corp. | ||||||||||||||
Consolidated Net Flows by Investment Mandate(1) | ||||||||||||||
(in millions) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended | ||||||||||
|
| July 31, |
| April 30, |
| July 31, |
| July 31, | July 31, | |||||
|
| 2015 |
| 2015 |
| 2014 |
| 2015 | 2014 | |||||
Equity assets - beginning of period(2) | $ | 97,167 |
| $ | 92,966 |
| $ | 93,733 |
| $ | 96,379 | $ | 93,585 | |
| Sales and other inflows |
| 5,191 |
|
| 3,965 |
|
| 3,451 |
|
| 13,670 |
| 10,905 |
| Redemptions/outflows |
| (8,371) |
|
| (4,432) |
|
| (4,052) |
|
| (17,876) |
| (14,688) |
| Net flows |
| (3,180) |
|
| (467) |
|
| (601) |
|
| (4,206) |
| (3,783) |
| Exchanges |
| (19) |
|
| 24 |
|
| 16 |
|
| 40 |
| 548 |
| Market value change |
| (602) |
|
| 4,644 |
|
| 2,520 |
|
| 1,153 |
| 5,318 |
Equity assets - end of period | $ | 93,366 |
| $ | 97,167 |
| $ | 95,668 |
| $ | 93,366 | $ | 95,668 | |
Fixed income assets - beginning of period(3) |
| 49,690 |
|
| 47,417 |
|
| 44,094 |
|
| 46,062 |
| 44,414 | |
| Sales and other inflows |
| 5,370 |
|
| 5,116 |
|
| 3,344 |
|
| 13,997 |
| 8,421 |
| Redemptions/outflows |
| (3,212) |
|
| (2,511) |
|
| (3,299) |
|
| (8,158) |
| (9,336) |
| Net flows |
| 2,158 |
|
| 2,605 |
|
| 45 |
|
| 5,839 |
| (915) |
| Exchanges |
| (27) |
|
| 5 |
|
| 59 |
|
| 52 |
| 22 |
| Market value change |
| (555) |
|
| (337) |
|
| 276 |
|
| (687) |
| 953 |
Fixed income assets - end of period | $ | 51,266 |
| $ | 49,690 |
| $ | 44,474 |
| $ | 51,266 | $ | 44,474 | |
Floating-rate income assets - beginning of period |
| 38,269 |
|
| 38,648 |
|
| 45,115 |
|
| 42,009 |
| 41,821 | |
| Sales and other inflows |
| 2,032 |
|
| 2,387 |
|
| 4,139 |
|
| 6,720 |
| 13,095 |
| Redemptions/outflows |
| (2,554) |
|
| (3,433) |
|
| (5,491) |
|
| (10,941) |
| (11,038) |
| Net flows |
| (522) |
|
| (1,046) |
|
| (1,352) |
|
| (4,221) |
| 2,057 |
| Exchanges |
| 2 |
|
| (21) |
|
| (62) |
|
| (124) |
| (57) |
| Market value change |
| (529) |
|
| 688 |
|
| 51 |
|
| (444) |
| (69) |
Floating-rate income assets - end of period | $ | 37,220 |
| $ | 38,269 |
| $ | 43,752 |
| $ | 37,220 | $ | 43,752 | |
Alternative assets - beginning of period |
| 10,582 |
|
| 10,805 |
|
| 12,112 |
|
| 11,241 |
| 15,212 | |
| Sales and other inflows |
| 721 |
|
| 782 |
|
| 774 |
|
| 2,351 |
| 2,630 |
| Redemptions/outflows |
| (869) |
|
| (1,069) |
|
| (1,208) |
|
| (3,076) |
| (6,164) |
| Net flows |
| (148) |
|
| (287) |
|
| (434) |
|
| (725) |
| (3,534) |
| Exchanges |
| 45 |
|
| (4) |
|
| (15) |
|
| 27 |
| (83) |
| Market value change |
| (146) |
|
| 68 |
|
| 28 |
|
| (210) |
| 96 |
Alternative assets - end of period | $ | 10,333 |
| $ | 10,582 |
| $ | 11,691 |
| $ | 10,333 | $ | 11,691 | |
Portfolio implementation assets - beginning of period |
| 52,879 |
|
| 48,538 |
|
| 45,753 |
|
| 48,008 |
| 42,992 | |
| Sales and other inflows |
| 8,395 |
|
| 3,435 |
|
| 2,320 |
|
| 14,493 |
| 6,320 |
| Redemptions/outflows |
| (1,988) |
|
| (1,799) |
|
| (2,061) |
|
| (5,352) |
| (5,519) |
| Net flows |
| 6,407 |
|
| 1,636 |
|
| 259 |
|
| 9,141 |
| 801 |
| Exchanges |
| - |
|
| - |
|
| (4) |
|
| - |
| (462) |
| Market value change |
| (52) |
|
| 2,705 |
|
| 946 |
|
| 2,085 |
| 3,623 |
Portfolio implementation assets - end of period | $ | 59,234 |
| $ | 52,879 |
| $ | 46,954 |
| $ | 59,234 | $ | 46,954 | |
Exposure management assets - beginning of period(4) |
| 62,459 |
|
| 57,294 |
|
| 45,062 |
|
| 54,036 |
| 42,645 | |
| Sales and other inflows |
| 11,113 |
|
| 14,523 |
|
| 12,123 |
|
| 42,668 |
| 37,093 |
| Redemptions/outflows |
| (11,909) |
|
| (10,196) |
|
| (12,069) |
|
| (36,391) |
| (35,726) |
| Net flows |
| (796) |
|
| 4,327 |
|
| 54 |
|
| 6,277 |
| 1,367 |
| Market value change |
| (526) |
|
| 838 |
|
| 539 |
|
| 824 |
| 1,643 |
Exposure management assets - end of period | $ | 61,137 |
| $ | 62,459 |
| $ | 45,655 |
| $ | 61,137 | $ | 45,655 | |
Total fund and separate account |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| assets - beginning of period |
| 311,046 |
|
| 295,668 |
|
| 285,869 |
|
| 297,735 |
| 280,669 |
| Sales and other inflows |
| 32,822 |
|
| 30,208 |
|
| 26,151 |
|
| 93,899 |
| 78,464 |
| Redemptions/outflows |
| (28,903) |
|
| (23,440) |
|
| (28,180) |
|
| (81,794) |
| (82,471) |
| Net flows |
| 3,919 |
|
| 6,768 |
|
| (2,029) |
|
| 12,105 |
| (4,007) |
| Exchanges |
| 1 |
|
| 4 |
|
| (6) |
|
| (5) |
| (32) |
| Market value change |
| (2,410) |
|
| 8,606 |
|
| 4,360 |
|
| 2,721 |
| 11,564 |
Total assets under management - end of period | $ | 312,556 |
| $ | 311,046 |
| $ | 288,194 |
| $ | 312,556 | $ | 288,194 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest Inc. | ||||||||||||||
(2) Includes assets in balanced accounts holding income securities. | ||||||||||||||
(3) Includes assets in cash management accounts. | ||||||||||||||
(4) Category includes amounts reclassified from portfolio implementation and equity categories for all periods presented. | ||||||||||||||
9
|
|
|
|
|
|
|
|
|
|
|
| Attachment 6 | |||
Eaton Vance Corp. | |||||||||||||||
Consolidated Net Flows by Investment Vehicle(1) | |||||||||||||||
(in millions) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended | |||||||||||
|
| July 31, |
| April 30, |
| July 31, |
| July 31, |
| July 31, | |||||
|
| 2015 |
| 2015 |
| 2014 |
| 2015 |
| 2014 | |||||
Fund assets - beginning of period(2) | $ | 132,161 |
| $ | 129,552 |
| $ | 135,119 |
| $ | 134,564 |
| $ | 133,401 | |
| Sales and other inflows |
| 7,016 |
|
| 7,755 |
|
| 8,634 |
|
| 23,385 |
|
| 27,552 |
| Redemptions/outflows |
| (7,570) |
|
| (8,390) |
|
| (10,272) |
|
| (26,698) |
|
| (29,285) |
| Net flows |
| (554) |
|
| (635) |
|
| (1,638) |
|
| (3,313) |
|
| (1,733) |
| Exchanges |
| 1 |
|
| 4 |
|
| (6) |
|
| 185 |
|
| 41 |
| Market value change |
| (1,397) |
|
| 3,240 |
|
| 1,681 |
|
| (1,225) |
|
| 3,447 |
Fund assets - end of period | $ | 130,211 |
| $ | 132,161 |
| $ | 135,156 |
| $ | 130,211 |
| $ | 135,156 | |
Institutional separate account assets - |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| beginning of period(3) |
| 115,942 |
|
| 107,547 |
|
| 96,564 |
|
| 106,443 |
|
| 95,724 |
| Sales and other inflows |
| 21,764 |
|
| 17,860 |
|
| 14,717 |
|
| 57,678 |
|
| 42,620 |
| Redemptions/outflows |
| (18,424) |
|
| (12,501) |
|
| (14,912) |
|
| (47,323) |
|
| (44,633) |
| Net flows |
| 3,340 |
|
| 5,359 |
|
| (195) |
|
| 10,355 |
|
| (2,013) |
| Exchanges |
| (34) |
|
| - |
|
| 377 |
|
| (207) |
|
| 281 |
| Market value change |
| (1,162) |
|
| 3,036 |
|
| 1,647 |
|
| 1,495 |
|
| 4,401 |
Institutional separate account assets - |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| end of period | $ | 118,086 |
| $ | 115,942 |
| $ | 98,393 |
| $ | 118,086 |
| $ | 98,393 |
High-net-worth separate account assets - |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| beginning of period |
| 24,226 |
|
| 22,594 |
|
| 20,968 |
|
| 22,235 |
|
| 19,699 |
| Sales and other inflows |
| 1,177 |
|
| 1,166 |
|
| 794 |
|
| 3,803 |
|
| 2,476 |
| Redemptions/outflows |
| (877) |
|
| (792) |
|
| (953) |
|
| (2,291) |
|
| (3,045) |
| Net flows |
| 300 |
|
| 374 |
|
| (159) |
|
| 1,512 |
|
| (569) |
| Exchanges |
| - |
|
| (1) |
|
| (433) |
|
| (94) |
|
| (31) |
| Market value change |
| (34) |
|
| 1,259 |
|
| 475 |
|
| 839 |
|
| 1,752 |
High-net-worth separate account assets - |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| end of period | $ | 24,492 |
| $ | 24,226 |
| $ | 20,851 |
| $ | 24,492 |
| $ | 20,851 |
Retail managed account assets - beginning of period | 38,717 |
|
| 35,975 |
|
| 33,218 |
|
| 34,493 |
|
| 31,845 | ||
| Sales and other inflows |
| 2,865 |
|
| 3,427 |
|
| 2,006 |
|
| 9,033 |
|
| 5,816 |
| Redemptions/outflows |
| (2,032) |
|
| (1,757) |
|
| (2,043) |
|
| (5,482) |
|
| (5,508) |
| Net flows |
| 833 |
|
| 1,670 |
|
| (37) |
|
| 3,551 |
|
| 308 |
| Exchanges |
| 34 |
|
| 1 |
|
| 56 |
|
| 111 |
|
| (323) |
| Market value change |
| 183 |
|
| 1,071 |
|
| 557 |
|
| 1,612 |
|
| 1,964 |
Retail managed account assets - end of period | $ | 39,767 |
| $ | 38,717 |
| $ | 33,794 |
| $ | 39,767 |
| $ | 33,794 | |
Fund and separate account assets - beginning of period | 311,046 |
|
| 295,668 |
|
| 285,869 |
|
| 297,735 |
|
| 280,669 | ||
| Sales and other inflows |
| 32,822 |
|
| 30,208 |
|
| 26,151 |
|
| 93,899 |
|
| 78,464 |
| Redemptions/outflows |
| (28,903) |
|
| (23,440) |
|
| (28,180) |
|
| (81,794) |
|
| (82,471) |
| Net flows |
| 3,919 |
|
| 6,768 |
|
| (2,029) |
|
| 12,105 |
|
| (4,007) |
| Exchanges |
| 1 |
|
| 4 |
|
| (6) |
|
| (5) |
|
| (32) |
| Market value change |
| (2,410) |
|
| 8,606 |
|
| 4,360 |
|
| 2,721 |
|
| 11,564 |
Total assets under management - end of period | $ | 312,556 |
| $ | 311,046 |
| $ | 288,194 |
| $ | 312,556 |
| $ | 288,194 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest Inc. | |||||||||||||||
(2) Includes assets in cash management funds. | |||||||||||||||
(3) Includes assets in cash management separate accounts. | |||||||||||||||
10
|
|
|
|
|
|
|
|
|
|
| Attachment 7 | ||
Eaton Vance Corp. | |||||||||||||
Consolidated Assets under Management by Investment Affiliate (1) | |||||||||||||
(in millions) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| July 31, |
|
| April 30, |
| % |
|
| July 31, |
| % |
|
|
| 2015 |
|
| 2015 |
| Change |
|
| 2014 |
| Change |
Eaton Vance Management(2) | $ | 142,987 |
| $ | 142,930 |
| 0% |
| $ | 143,373 |
| 0% | |
Parametric |
| 150,983 |
|
| 149,656 |
| 1% |
|
| 126,741 |
| 19% | |
Atlanta Capital |
| 18,586 |
|
| 18,460 |
| 1% |
|
| 18,080 |
| 3% | |
Total | $ | 312,556 |
| $ | 311,046 |
| 0% |
| $ | 288,194 |
| 8% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest. | |||||||||||||
(2) Includes managed assets of wholly owned subsidiaries, as well as certain Eaton Vance-sponsored funds and accounts managed by | |||||||||||||
Hexavest and unaffiliated third-party advisers under Eaton Vance supervision. | |||||||||||||
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Attachment 8 | ||
Eaton Vance Corp. | |||||||||||||
Consolidated Assets under Management by Investment Mandate (1) | |||||||||||||
(in millions) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| July 31, |
|
| April 30, |
| % |
|
| July 31, |
| % |
|
|
| 2015 |
|
| 2015 |
| Change |
|
| 2014 |
| Change |
Equity(2) | $ | 93,366 |
| $ | 97,167 |
| -4% |
| $ | 95,668 |
| -2% | |
Fixed income(3) |
| 51,266 |
|
| 49,690 |
| 3% |
|
| 44,474 |
| 15% | |
Floating-rate income |
| 37,220 |
|
| 38,269 |
| -3% |
|
| 43,752 |
| -15% | |
Alternative |
| 10,333 |
|
| 10,582 |
| -2% |
|
| 11,691 |
| -12% | |
Portfolio implementation |
| 59,234 |
|
| 52,879 |
| 12% |
|
| 46,954 |
| 26% | |
Exposure management |
| 61,137 |
|
| 62,459 |
| -2% |
|
| 45,655 |
| 34% | |
Total | $ | 312,556 |
| $ | 311,046 |
| 0% |
| $ | 288,194 |
| 8% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 9 for managed assets and flows of 49 percent-owned Hexavest. | |||||||||||||
(2) Includes assets in balanced accounts holding income securities. | |||||||||||||
(3) Includes assets in cash management accounts. | |||||||||||||
11
Attachment 9 | ||||||||||||||||
Eaton Vance Corp. | ||||||||||||||||
Hexavest Inc. Assets under Management and Net Flows | ||||||||||||||||
(in millions) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended | |||||||||||
|
|
| July 31, |
| April 30, |
| July 31, |
| July 31, |
| July 31, | |||||
|
|
| 2015 |
| 2015 |
| 2014 |
| 2015 |
| 2014 | |||||
Eaton Vance distributed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Eaton Vance sponsored funds - beginning of period(1) | $ | 247 |
| $ | 234 |
| $ | 221 |
| $ | 227 |
| $ | 211 | ||
| Sales and other inflows |
| 2 |
|
| 3 |
|
| 6 |
|
| 21 |
|
| 49 | |
| Redemptions/outflows |
| (6) |
|
| (4) |
|
| (10) |
|
| (15) |
|
| (53) | |
| Net flows |
| (4) |
|
| (1) |
|
| (4) |
|
| 6 |
|
| (4) | |
| Market value change |
| (4) |
|
| 14 |
|
| 4 |
|
| 6 |
|
| 14 | |
Eaton Vance sponsored funds - end of period | $ | 239 |
| $ | 247 |
| $ | 221 |
| $ | 239 |
| $ | 221 | ||
Eaton Vance distributed separate accounts - |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| beginning of period(2) | $ | 2,401 |
| $ | 1,999 |
| $ | 2,354 |
| $ | 2,367 |
| $ | 1,574 | |
| Sales and other inflows |
| 11 |
|
| 284 |
|
| 136 |
|
| 395 |
|
| 519 | |
| Redemptions/outflows |
| (39) |
|
| (3) |
|
| (122) |
|
| (475) |
|
| (201) | |
| Net flows |
| (28) |
|
| 281 |
|
| 14 |
|
| (80) |
|
| 318 | |
| Exchanges |
| - |
|
| - |
|
| - |
|
| - |
|
| 389 | |
| Market value change |
| (11) |
|
| 121 |
|
| 29 |
|
| 75 |
|
| 116 | |
Eaton Vance distributed separate accounts - |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| end of period | $ | 2,362 |
| $ | 2,401 |
| $ | 2,397 |
| $ | 2,362 |
| $ | 2,397 | |
Total Eaton Vance distributed - beginning of period | $ | 2,648 |
| $ | 2,233 |
| $ | 2,575 |
| $ | 2,594 |
| $ | 1,785 | ||
| Sales and other inflows |
| 13 |
|
| 287 |
|
| 142 |
|
| 416 |
|
| 568 | |
| Redemptions/outflows |
| (45) |
|
| (7) |
|
| (132) |
|
| (490) |
|
| (254) | |
| Net flows |
| (32) |
|
| 280 |
|
| 10 |
|
| (74) |
|
| 314 | |
| Exchanges |
| - |
|
| - |
|
| - |
|
| - |
|
| 389 | |
| Market value change |
| (15) |
|
| 135 |
|
| 33 |
|
| 81 |
|
| 130 | |
Total Eaton Vance distributed - end of period | $ | 2,601 |
| $ | 2,648 |
| $ | 2,618 |
| $ | 2,601 |
| $ | 2,618 | ||
Hexavest directly distributed - beginning of period(3) | $ | 12,999 |
| $ | 12,749 |
| $ | 14,477 |
| $ | 14,101 |
| $ | 15,136 | ||
| Sales and other inflows |
| 286 |
|
| 180 |
|
| 597 |
|
| 711 |
|
| 1,392 | |
| Redemptions/outflows |
| (780) |
|
| (683) |
|
| (904) |
|
| (2,804) |
|
| (2,546) | |
| Net flows |
| (494) |
|
| (503) |
|
| (307) |
|
| (2,093) |
|
| (1,154) | |
| Exchanges |
| - |
|
| - |
|
| - |
|
| - |
|
| (389) | |
| Market value change |
| (297) |
|
| 753 |
|
| 253 |
|
| 200 |
|
| 830 | |
Hexavest directly distributed - end of period | $ | 12,208 |
| $ | 12,999 |
| $ | 14,423 |
| $ | 12,208 |
| $ | 14,423 | ||
Total Hexavest assets - beginning of period | $ | 15,647 |
| $ | 14,982 |
| $ | 17,052 |
| $ | 16,695 |
| $ | 16,921 | ||
| Sales and other inflows |
| 299 |
|
| 467 |
|
| 739 |
|
| 1,127 |
|
| 1,960 | |
| Redemptions/outflows |
| (825) |
|
| (690) |
|
| (1,036) |
|
| (3,294) |
|
| (2,800) | |
| Net flows |
| (526) |
|
| (223) |
|
| (297) |
|
| (2,167) |
|
| (840) | |
| Exchanges |
| - |
|
| - |
|
| - |
|
| - |
|
| - | |
| Market value change |
| (312) |
|
| 888 |
|
| 286 |
|
| 281 |
|
| 960 | |
Total Hexavest assets - end of period | $ | 14,809 |
| $ | 15,647 |
| $ | 17,041 |
| $ | 14,809 |
| $ | 17,041 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Managed assets and flows of Eaton Vance-sponsored pooled investment vehicles for which Hexavest is adviser or sub-adviser. Eaton Vance | |||||||||||||||
| receives management and/or distribution revenue on these assets, which are included in the Eaton Vance consolidated results in Attachments | |||||||||||||||
| 5, 6, 7 and 8. | |||||||||||||||
(2) | Managed assets and flows of Eaton Vance-distributed separate accounts managed by Hexavest. Eaton Vance receives distribution revenue, | |||||||||||||||
| but not investment advisory fees, on these assets, which are not included in the Eaton Vance consolidated results in Attachments 5, 6, 7 | |||||||||||||||
| and 8. |
|
|
|
|
| ||||||||||
(3) | Managed assets and flows of pre-transaction Hexavest clients and post-transaction Hexavest clients in Canada. Eaton Vance receives no | |||||||||||||||
| investment advisory or distribution revenue on these assets, which are not included in the Eaton Vance consolidated results in Attachments | |||||||||||||||
| 5, 6, 7 and 8. | |||||||||||||||
12