Attached files
| file | filename |
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| 8-K - EVC 8K 1-31-16 - 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 Month Period Ended January 31, 2016
Boston, MA, February 24, 2016 – Eaton Vance Corp. (NYSE: EV) today reported adjusted earnings per diluted share(1) of $0.51 for the first quarter of fiscal 2016, a decrease of 16 percent from $0.61 of adjusted earnings per diluted share in the first quarter of fiscal 2015 and a decrease of 4 percent from $0.53 of adjusted earnings per diluted share in the fourth quarter of fiscal 2015.
As determined under U.S. generally accepted accounting principles (“GAAP”), the Company earned $0.50 per diluted share in the first quarter of fiscal 2016, $0.24 per diluted share in the first quarter of fiscal 2015 and $0.53 per diluted share in the fourth quarter of fiscal 2015. Adjusted earnings per diluted share differed from GAAP earnings per diluted share by $0.01 in the first quarter of fiscal 2016 due to an increase in the estimated redemption value of non-controlling interest in affiliates redeemable at other than fair value. Adjusted earnings differed from GAAP earnings in the first quarter of fiscal 2015 to reflect the payment of $73.0 million, or approximately $0.37 per diluted share, to end service and additional compensation arrangements for certain Eaton Vance closed-end funds.
Performance fees received were negligible in the first quarters of fiscal 2016 and fiscal 2015, and contributed $0.01 per diluted share in the fourth quarter of fiscal 2015. Net income and gains (losses) on seed capital investments contributed $0.01 per diluted share in the first quarter of fiscal 2016 and the first quarter of fiscal 2015 and reduced earnings per diluted share by $0.01 in the fourth quarter of fiscal 2015.
Consolidated net inflows of $5.3 billion in the first quarter of fiscal 2016 represent a 7 percent annualized internal growth rate (consolidated net inflows divided by beginning of period consolidated assets under management). For comparison, the Company had consolidated net inflows of $1.4 billion in the first quarter of fiscal 2015 and consolidated net inflows of $4.6 billion in the fourth quarter of fiscal 2015.
“Market declines and outflows from floating-rate income and emerging market equity mandates more than offset strong organic growth in the Company’s other businesses in the first quarter of fiscal 2016, driving revenue and profits lower,” said Thomas E. Faust Jr., Chairman and Chief Executive Officer. “Our diverse line-up of high-performing and value-added investment strategies, innovative new product offerings and strong financial characteristics position us well versus competitors if adverse market conditions endure.”
Consolidated assets under management were $302.6 billion on January 31, 2016, up 2 percent from the $295.7 billion of consolidated managed assets on January 31, 2015 and down 3 percent from the $311.4 billion of consolidated managed assets on October 31, 2015. The year-over-year
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(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 special dividends, costs associated with retiring debt and tax settlements. See reconciliation provided in Attachment 2 for more information on adjusting items.
1
increase in consolidated assets under management reflects net inflows of $20.6 billion and market price declines of $13.7 billion. The sequential decrease in consolidated assets under management reflects net inflows of $5.3 billion and market price declines of $14.1 billion.
Average consolidated assets under management were $308.3 billion in the first quarter of fiscal 2016, up 4 percent from $297.5 billion in the first quarter of fiscal 2015 and up 1 percent from $306.4 billion in the fourth quarter of fiscal 2015.
Excluding performance-based fees, annualized effective investment advisory and administrative fee rates on consolidated assets under management averaged 36.7 basis points in the first quarter of fiscal 2016, down 10 percent from 40.6 basis points in the first quarter of fiscal 2015 and down 3 percent from 37.7 basis points in the fourth quarter of fiscal 2015. The declines in average advisory and administrative fee rates primarily reflect shifts in the Company’s mix of business.
Attachments 5 and 6 summarize the Company’s asset flows by investment mandate and investment vehicle. Attachments 7, 8 and 9 summarize the Company’s ending consolidated assets under management by investment mandate, investment vehicle and investment affiliate. Attachment 10 shows the Company’s average annualized investment advisory and administrative fee rates by investment mandate.
As shown in Attachments 5 and 6, consolidated sales and other inflows were $30.6 billion in the first quarter of fiscal 2016, down 1 percent from $30.9 billion in the first quarter of fiscal 2015 and the fourth quarter of fiscal 2015. Consolidated redemptions and other outflows were $25.3 billion in the first quarter of fiscal 2016, down 14 percent from $29.5 billion in the first quarter of fiscal 2015 and down 4 percent from $26.3 billion in the fourth quarter of fiscal 2015.
As of January 31, 2016, the Company’s 49 percent-owned affiliate Hexavest, Inc. (“Hexavest”) managed $13.1 billion of client assets, down 13 percent from $15.0 billion of managed assets on January 31, 2015 and down 6 percent from $13.9 billion of managed assets on October 31, 2015. Hexavest-managed funds and separate accounts had net outflows of $0.2 billion in the first quarter of fiscal 2016, $1.4 billion in the first quarter of fiscal 2015 and $0.5 billion in the fourth quarter of fiscal 2015. Attachment 11 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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| January 31, | October 31, | January 31, | |||
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| 2016 | 2015 | 2015 | |||
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Revenue | $ | 331,556 | $ | 341,458 | $ | 354,930 | |
Expenses |
| 230,931 |
| 230,525 |
| 304,370 | |
Operating income |
| 100,625 |
| 110,933 |
| 50,560 | |
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Operating margin |
| 30.3% |
| 32.5% |
| 14.2% | |
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Non-operating expense |
| (3,059) |
| (13,663) |
| (4,427) | |
Income taxes |
| (36,843) |
| (39,113) |
| (16,770) | |
Equity in net income of affiliates, net of tax |
| 2,509 |
| 2,658 |
| 3,146 | |
Net income |
| 63,232 |
| 60,815 |
| 32,509 | |
Net (income) loss attributable to non-controlling |
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| and other beneficial interests |
| (4,846) |
| 1,388 |
| (3,506) |
Net income attributable to |
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| Eaton Vance Corp. shareholders | $ | 58,386 | $ | 62,203 | $ | 29,003 |
Adjusted net income attributable to Eaton |
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| Vance Corp. shareholders(1) | $ | 58,519 | $ | 61,796 | $ | 74,098 |
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Earnings per diluted share | $ | 0.50 | $ | 0.53 | $ | 0.24 | |
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Adjusted earnings per diluted share(1) | $ | 0.51 | $ | 0.53 | $ | 0.61 | |
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First Quarter Fiscal 2016 vs. First Quarter Fiscal 2015
In the first quarter of fiscal 2016, revenue decreased 7 percent to $331.6 million from $354.9 million in the first quarter of fiscal 2015. Investment advisory and administrative fees were down 6 percent, as the impact of lower average effective fee rates, driven by product mix, more than offset a 4 percent increase in average consolidated assets under management. Distribution and service fee revenues collectively were down 9 percent, reflecting lower managed assets in fund share classes that are subject to these fees.
Operating expenses decreased 24 percent to $230.9 million in the first quarter of fiscal 2016 from $304.4 million in the first quarter of fiscal 2015. Excluding the lump-sum payment of $73.0 million to end service and additional compensation arrangements in place with a distribution partner for certain Eaton Vance closed-end funds in the first quarter of fiscal 2015, expenses were substantially unchanged. Increases in compensation, fund-related expenses, amortization of deferred sales commissions and other operating expenses were offset by lower distribution and service fee expenses. The increase in compensation expense reflects higher salaries and benefits and stock-based compensation attributable to an increase in headcount and an increase in other compensation costs related to employee recruiting, retirements and terminations, partially offset by lower operating-income based accruals and sales-based incentives. The increase in amortization of deferred sales commissions largely reflects an increase in private fund sales commission amortization. The increase in fund-related expenses primarily reflects an increase in fund subsidies and higher fund expenses borne by the Company on funds for which it earns an all-in fee. Other operating expenses increased 12 percent, reflecting higher information technology, professional services and other corporate expenses. The decrease in distribution expense primarily reflects lower closed-end fund-related distribution expense following the fiscal 2015 first quarter termination of service and additional compensation arrangements in place with a distribution partner and lower open-end fund asset-based distribution fees. The decrease in service fee expense reflects lower average assets under management in fund share classes subject to service fee payments.
Expenses in connection with the Company’s NextShares™ initiative totaled approximately $1.8 million in the first quarter of fiscal 2016, an increase of 34 percent from $1.3 million in the first quarter of fiscal 2015.
During the first quarter of fiscal 2016, the Company made continued progress advancing NextShares toward market introduction. In December, the U.S. Securities and Exchange Commission declared effective the registration statements of 18 initial Eaton Vance NextShares funds, representing a broad complement of actively managed equity, fixed income, floating-rate income, absolute return and multi-asset strategies now offered as mutual funds. In January, Eaton Vance announced plans to introduce Eaton Vance Stock NextShares as the first NextShares fund in late February and to continue the staged rollout of NextShares with additional product launches in March. Those plans remain on track.
Operating income was up 99 percent to $100.6 million in the first quarter of fiscal 2016 from $50.6 million in the first quarter of fiscal 2015. Operating margin increased to 30.3 percent in the first quarter of fiscal 2016 from 14.2 percent in the first quarter of fiscal 2015. Adjusting for the $73.0 million lump-sum payment in the first quarter of fiscal 2015 described above, operating margin declined to 30.3 percent in the first quarter of fiscal 2016 from 34.8 percent in the first quarter of fiscal 2015.
Non-operating expense totaled $3.1 million in the first quarter of fiscal 2016 compared to $4.4 million in the first quarter of fiscal 2015. The year-over-year change primarily reflects a $1.3 million increase in income (expense) of the Company’s consolidated collateralized loan obligation (“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 37.8 percent in the first quarter of fiscal 2016. Excluding the impact of consolidated CLO entity income (expense) borne by other beneficial interest holders, the Company’s effective tax rate was 38.4 percent for the quarter.
Equity in net income of affiliates decreased to $2.5 million in the first quarter of fiscal 2016 from $3.1 million in the first quarter of fiscal 2015. Equity in net income of affiliates in the first quarter of fiscal 2016 was from the Company’s position in Hexavest. Equity in net income of affiliates in the first quarter of fiscal 2015 included $2.9 million from the Company’s position in Hexavest, $0.1
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million of gains (losses) and other income on the Company’s investments in sponsored funds and $0.1 million of net income in a private equity partnership.
As detailed in Attachment 3, net income attributable to non-controlling and other beneficial interests was $4.8 million in the first quarter of fiscal 2016 compared to $3.5 million in the first quarter of fiscal 2015.
First Quarter Fiscal 2016 vs. Fourth Quarter Fiscal 2015
In the first quarter of fiscal 2016, revenue decreased 3 percent to $331.6 million from $341.5 million in the fourth quarter of fiscal 2015. Investment advisory and administrative fees were down 3 percent, reflecting a 1 percent increase in average consolidated assets under management and lower average effective fee rates. Performance fees received were negligible in the first quarter of fiscal 2016 and contributed $2.0 million in the fourth quarter of fiscal 2015. Distribution and service fee revenues collectively decreased 4 percent, reflecting lower managed assets in fund share classes that are subject to these fees.
Operating expenses were substantially unchanged in the first quarter of fiscal 2016 from the fourth quarter of fiscal 2015. Increases in compensation and related costs, amortization of deferred sales commissions and fund-related expenses were offset by lower distribution and service fee expenses and lower other operating expenses. The increase in compensation expense reflects higher stock-based compensation expense, annual merit increases and seasonal increases in employee benefit costs and payroll taxes, offset by lower operating income-based bonus accruals and lower sales-based incentives. The increase in amortization of deferred sales commissions largely reflects an increase in private fund sales commission amortization. The increase in fund-related expenses is attributable to higher fund subsidies. The decrease in distribution expense reflects lower marketing expenses and fund asset-based distribution fees. The decrease in service fee expense reflects lower average assets under management in fund share classes subject to service fee payments. Other operating expenses decreased 1 percent, reflecting lower travel, information technology and professional services expenses and higher other corporate expenses.
NextShares-related expenses decreased 22 percent to $1.8 million in the first quarter of fiscal 2016 from $2.3 million in the fourth quarter of fiscal 2015.
Operating income was down 9 percent to $100.6 million in the first quarter of fiscal 2016 from $110.9 million in the fourth quarter of fiscal 2015. Operating margin decreased to 30.3 percent in the first quarter of fiscal 2016 from 32.5 percent in the fourth quarter of fiscal 2015.
Non-operating expense totaled $3.1 million in the first quarter of fiscal 2016 compared to $13.7 million in the fourth quarter of fiscal 2015, reflecting a $5.2 million improvement in gains (losses) and other investment income related to the Company’s investments in sponsored products and a $5.4 million increase in income (expense) of the Company’s consolidated CLO entity.
Equity in net income of affiliates decreased to $2.5 million in the first quarter of fiscal 2016 from $2.7 million in the fourth quarter of fiscal 2015. In the first quarter of fiscal 2016, equity in net income of affiliates was from the Company’s position in Hexavest. In the fourth quarter of fiscal 2015, equity in net income of affiliates included $2.4 million from the Company’s position in Hexavest and $0.2 million of net 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 $4.8 million in the first quarter of fiscal 2016 compared to net loss attributable to non-controlling and other beneficial interests of $1.4 million in the fourth quarter of fiscal 2015.
Balance Sheet Information
Cash and cash equivalents totaled $358.1 million on January 31, 2016, with no outstanding borrowings against the Company’s $300 million credit facility. Included within investments is $61.2 million of holdings of short-term debt securities with maturities between 90 days and one year. During the first quarter of fiscal 2016, the Company used $73.3 million to repurchase and retire approximately 2.3 million shares of its Non-Voting Common Stock under its repurchase authorizations. On January 13, 2016, the Company’s Board authorized the repurchase of 8.0 million shares, of which all shares remain available.
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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 three months ended January 31, 2016. To participate in the conference call, please call 877-201-0168 (domestic) or 647-788-4901 (international) and refer to “Eaton Vance Corp. First Quarter Earnings.” A webcast of the conference call can also be accessed via Eaton Vance’s website, 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, eatonvance.com. Listeners to the telephone replay must enter the confirmation code 50143622.
About Eaton Vance Corp.
Eaton Vance is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, 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 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 |
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Eaton Vance Corp. | ||||||||||||
Summary of Results of Operations | ||||||||||||
(in thousands, except per share figures) | ||||||||||||
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| Three Months Ended | |||||||||
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| % | % | ||
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| Change | Change | ||
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| Q1 2016 | Q1 2016 | ||
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| January 31, | October 31, | January 31, | vs. | vs. | |||||
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| 2016 | 2015 | 2015 | Q4 2015 | Q1 2015 | |||||
Revenue: |
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| Investment advisory and administrative fees | $ | 283,042 | $ | 290,804 | $ | 301,813 | (3) | % | (6) | % | |
| Distribution and underwriter fees |
| 19,058 |
| 19,446 |
| 21,036 | (2) |
| (9) |
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| Service fees |
| 27,259 |
| 28,875 |
| 29,847 | (6) |
| (9) |
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| Other revenue |
| 2,197 |
| 2,333 |
| 2,234 | (6) |
| (2) |
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| Total revenue |
| 331,556 |
| 341,458 |
| 354,930 | (3) |
| (7) |
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Expenses: |
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| Compensation and related costs |
| 122,510 |
| 119,160 |
| 120,192 | 3 |
| 2 |
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| Distribution expense |
| 28,483 |
| 30,506 |
| 106,267 | (7) |
| (73) |
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| Service fee expense |
| 24,595 |
| 25,547 |
| 27,780 | (4) |
| (11) |
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| Amortization of deferred sales commissions | 4,044 |
| 3,785 |
| 3,728 | 7 |
| 8 |
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| Fund-related expenses |
| 9,163 |
| 8,802 |
| 8,706 | 4 |
| 5 |
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| Other expenses |
| 42,136 |
| 42,725 |
| 37,697 | (1) |
| 12 |
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| Total expenses |
| 230,931 |
| 230,525 |
| 304,370 | - |
| (24) |
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Operating income |
| 100,625 |
| 110,933 |
| 50,560 | (9) |
| 99 |
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Non-operating income (expense): |
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| Gains (losses) and other investment |
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| income, net |
| 2,840 |
| (2,330) |
| 2,802 | NM |
| 1 |
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| Interest expense |
| (7,342) |
| (7,340) |
| (7,336) | - |
| - |
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| Other income (expense) of consolidated |
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| collateralized loan obligation |
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| Gains (losses) and other investment |
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| income, net | 3,279 |
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| 1,301 | NM |
| 152 |
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| Interest and other expense |
| (1,836) |
| (3,801) |
| (1,194) | (52) |
| 54 |
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| Total non-operating expense |
| (3,059) |
| (13,663) |
| (4,427) | (78) |
| (31) |
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Income before income taxes and equity |
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in net income of affiliates | 97,566 |
| 97,270 |
| 46,133 | - |
| 111 |
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Income taxes |
| (36,843) |
| (39,113) |
| (16,770) | (6) |
| 120 |
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Equity in net income of affiliates, net of tax |
| 2,509 |
| 2,658 |
| 3,146 | (6) |
| (20) |
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Net income |
| 63,232 |
| 60,815 |
| 32,509 | 4 |
| 95 |
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Net (income) loss attributable to non-controlling |
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and other beneficial interests |
| (4,846) |
| 1,388 |
| (3,506) | NM |
| 38 |
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Net income attributable to |
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Eaton Vance Corp. Shareholders | $ | 58,386 | $ | 62,203 | $ | 29,003 | (6) |
| 101 |
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Earnings per share: |
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| Basic | $ | 0.52 | $ | 0.55 | $ | 0.25 | (5) |
| 108 |
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| Diluted | $ | 0.50 | $ | 0.53 | $ | 0.24 | (6) |
| 108 |
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Weighted average shares outstanding: |
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| Basic |
| 111,641 |
| 112,040 |
| 114,592 | - |
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| Diluted |
| 114,603 |
| 115,949 |
| 119,690 | (1) |
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Dividends declared per share | $ | 0.265 | $ | 0.265 | $ | 0.250 | - |
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| Attachment 2 | ||||
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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 | |||||||||
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| % Change | % Change | ||
| January 31, | October 31, | January 31, | Q1 2016 vs. | Q1 2016 vs. | ||||||
(in thousands, except per share figures) | 2016 | 2015 | 2015 | Q4 2015 | Q1 2015 | ||||||
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Net income attributable to Eaton |
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| Vance Corp. shareholders | $ | 58,386 | $ | 62,203 | $ | 29,003 | (6) | % | 101 | % |
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Non-controlling interest value adjustments |
| 133 |
| (407) |
| 200 | NM |
| (34) |
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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 |
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| 44,895 | - |
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Adjusted net income attributable |
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| to Eaton Vance Corp. shareholders | $ | 58,519 | $ | 61,796 | $ | 74,098 | (5) |
| (21) |
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Earnings per diluted share | $ | 0.50 | $ | 0.53 | $ | 0.24 | (6) |
| 108 |
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Non-controlling interest value adjustments |
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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 |
| - |
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| 0.37 | - |
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Adjusted earnings per diluted share | $ | 0.51 | $ | 0.53 | $ | 0.61 | (4) |
| (16) |
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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 | |||||||||
|
|
|
|
|
|
|
| % Change | % Change | ||
|
| January 31, | October 31, | January 31, | Q1 2016 vs. | Q1 2016 vs. | |||||
(in thousands) | 2016 | 2015 | 2015 | Q4 2015 | Q1 2015 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated funds | $ | (509) | $ | (526) | $ | (514) | (3) | % | (1) | % | |
|
|
|
|
|
|
|
|
|
|
| |
Majority-owned subsidiaries |
| 3,310 |
| 3,931 |
| 3,773 | (16) |
| (12) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest value adjustments |
| 133 |
| (407) |
| 200 | NM |
| (34) |
| |
|
|
|
|
|
|
|
|
|
|
| |
Consolidated CLO entities |
| 1,912 |
| (4,386) |
| 47 | NM |
| NM |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to non- |
|
|
|
|
|
|
|
|
|
| |
| controlling and other beneficial interests | $ | 4,846 | $ | (1,388) | $ | 3,506 | NM |
| 38 |
|
7
|
|
|
|
|
| Attachment 4 |
|
Eaton Vance Corp. |
| ||||||
Balance Sheet |
| ||||||
(in thousands, except per share figures) |
| ||||||
|
| ||||||
|
| ||||||
|
| January 31, |
|
|
| October 31, |
|
|
| 2016 |
|
|
| 2015 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents | $ | 358,133 |
|
| $ | 465,558 |
|
Investment advisory fees and other receivables |
| 172,329 |
|
|
| 187,753 |
|
Investments |
| 495,221 |
|
|
| 507,020 |
|
Assets of consolidated CLO entity: |
|
|
|
|
|
|
|
Cash and cash equivalents |
| 30,447 |
|
|
| 162,704 |
|
Bank loan investments |
| 380,299 |
|
|
| 304,250 |
|
Other assets |
| 3,535 |
|
|
| 128 |
|
Deferred sales commissions |
| 26,082 |
|
|
| 25,161 |
|
Deferred income taxes |
| 35,911 |
|
|
| 42,164 |
|
Equipment and leasehold improvements, net |
| 45,248 |
|
|
| 44,943 |
|
Intangible assets, net |
| 53,227 |
|
|
| 55,433 |
|
Goodwill |
| 237,961 |
|
|
| 237,961 |
|
Loan receivable from affiliate |
| 5,000 |
|
|
| - |
|
Other assets |
| 49,727 |
|
|
| 83,396 |
|
Total assets | $ | 1,893,120 |
|
| $ | 2,116,471 |
|
|
|
|
|
|
|
|
|
Liabilities, Temporary Equity and Permanent Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued compensation | $ | 59,697 |
|
| $ | 178,875 |
|
Accounts payable and accrued expenses |
| 68,167 |
|
|
| 65,249 |
|
Dividend payable |
| 32,979 |
|
|
| 32,923 |
|
Debt |
| 573,850 |
|
|
| 573,811 |
|
Liabilities of consolidated CLO entity: |
|
|
|
|
|
|
|
Senior and subordinated note obligations |
| 390,654 |
|
|
| 397,039 |
|
Other liabilities |
| 22,956 |
|
|
| 70,814 |
|
Other liabilities |
| 67,216 |
|
|
| 86,891 |
|
Total liabilities |
| 1,215,519 |
|
|
| 1,405,602 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Equity: |
|
|
|
|
|
|
|
Redeemable non-controlling interests |
| 85,279 |
|
|
| 88,913 |
|
Total temporary equity |
| 85,279 |
|
|
| 88,913 |
|
|
|
|
|
|
|
|
|
Permanent Equity: |
|
|
|
|
|
|
|
Voting Common Stock, par value $0.00390625 per share: |
|
|
|
|
|
|
|
Authorized, 1,280,000 shares |
|
|
|
|
|
|
|
Issued and outstanding, 442,932 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, 114,722,876 and 115,470,485 shares, respectively |
| 448 |
|
|
| 451 |
|
Additional paid-in capital |
| - |
|
|
| - |
|
Notes receivable from stock option exercises |
| (10,702) |
|
|
| (11,143) |
|
Accumulated other comprehensive loss |
| (63,306) |
|
|
| (48,586) |
|
Appropriated deficit |
| (3,426) |
|
|
| (5,338) |
|
Retained earnings |
| 667,541 |
|
|
| 684,845 |
|
Total Eaton Vance Corp. shareholders' equity |
| 590,557 |
|
|
| 620,231 |
|
Non-redeemable non-controlling interests |
| 1,765 |
|
|
| 1,725 |
|
Total permanent equity |
| 592,322 |
|
|
| 621,956 |
|
Total liabilities, temporary equity and permanent equity | $ | 1,893,120 |
|
| $ | 2,116,471 |
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
| Attachment 5 | |
Eaton Vance Corp. | ||||||||||
Consolidated Net Flows by Investment Mandate(1) | ||||||||||
(in millions) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| |||||||
|
| January 31, |
| October 31, |
| January 31, |
| |||
|
| 2016 |
| 2015 |
| 2015 |
| |||
Equity assets - beginning of period(2) | $ | 90,013 |
| $ | 93,366 |
| $ | 96,379 |
| |
| Sales and other inflows |
| 3,831 |
|
| 4,412 |
|
| 4,514 |
|
| Redemptions/outflows |
| (4,393) |
|
| (5,117) |
|
| (5,072) |
|
| Net flows |
| (562) |
|
| (705) |
|
| (558) |
|
| Exchanges |
| 13 |
|
| 10 |
|
| 35 |
|
| Market value change |
| (6,113) |
|
| (2,658) |
|
| (2,890) |
|
Equity assets - end of period | $ | 83,351 |
| $ | 90,013 |
| $ | 92,966 |
| |
Fixed income assets - beginning of period(3) |
| 52,373 |
|
| 51,266 |
|
| 46,062 |
| |
| Sales and other inflows |
| 4,933 |
|
| 4,519 |
|
| 3,512 |
|
| Redemptions/outflows |
| (4,177) |
|
| (3,167) |
|
| (2,435) |
|
| Net flows |
| 756 |
|
| 1,352 |
|
| 1,077 |
|
| Exchanges |
| 30 |
|
| - |
|
| 74 |
|
| Market value change |
| (403) |
|
| (245) |
|
| 204 |
|
Fixed income assets - end of period | $ | 52,756 |
| $ | 52,373 |
| $ | 47,417 |
| |
Floating-rate income assets - beginning of period |
| 35,619 |
|
| 37,220 |
|
| 42,009 |
| |
| Sales and other inflows |
| 1,904 |
|
| 2,615 |
|
| 2,302 |
|
| Redemptions/outflows |
| (3,428) |
|
| (3,434) |
|
| (4,955) |
|
| Net flows |
| (1,524) |
|
| (819) |
|
| (2,653) |
|
| Exchanges |
| (36) |
|
| (12) |
|
| (105) |
|
| Market value change |
| (1,383) |
|
| (770) |
|
| (603) |
|
Floating-rate income assets - end of period | $ | 32,676 |
| $ | 35,619 |
| $ | 38,648 |
| |
Alternative assets - beginning of period |
| 10,173 |
|
| 10,333 |
|
| 11,241 |
| |
| Sales and other inflows |
| 1,220 |
|
| 868 |
|
| 847 |
|
| Redemptions/outflows |
| (1,209) |
|
| (816) |
|
| (1,138) |
|
| Net flows |
| 11 |
|
| 52 |
|
| (291) |
|
| Exchanges |
| 3 |
|
| (2) |
|
| (14) |
|
| Market value change |
| (457) |
|
| (210) |
|
| (131) |
|
Alternative assets - end of period | $ | 9,730 |
| $ | 10,173 |
| $ | 10,805 |
| |
Portfolio implementation assets - beginning of period |
| 59,487 |
|
| 59,234 |
|
| 48,008 |
| |
| Sales and other inflows |
| 5,768 |
|
| 3,541 |
|
| 2,663 |
|
| Redemptions/outflows |
| (1,928) |
|
| (1,866) |
|
| (1,565) |
|
| Net flows |
| 3,840 |
|
| 1,675 |
|
| 1,098 |
|
| Exchanges |
| (11) |
|
| - |
|
| - |
|
| Market value change |
| (4,396) |
|
| (1,422) |
|
| (568) |
|
Portfolio implementation assets - end of period | $ | 58,920 |
| $ | 59,487 |
| $ | 48,538 |
| |
Exposure management assets - beginning of period |
| 63,689 |
|
| 61,137 |
|
| 54,036 |
| |
| Sales and other inflows |
| 12,929 |
|
| 14,918 |
|
| 17,033 |
|
| Redemptions/outflows |
| (10,122) |
|
| (11,895) |
|
| (14,286) |
|
| Net flows |
| 2,807 |
|
| 3,023 |
|
| 2,747 |
|
| Market value change |
| (1,350) |
|
| (471) |
|
| 511 |
|
Exposure management assets - end of period | $ | 65,146 |
| $ | 63,689 |
| $ | 57,294 |
| |
Total fund and separate account |
|
|
|
|
|
|
|
|
| |
| assets - beginning of period |
| 311,354 |
|
| 312,556 |
|
| 297,735 |
|
| Sales and other inflows |
| 30,585 |
|
| 30,873 |
|
| 30,871 |
|
| Redemptions/outflows |
| (25,257) |
|
| (26,295) |
|
| (29,451) |
|
| Net flows |
| 5,328 |
|
| 4,578 |
|
| 1,420 |
|
| Exchanges |
| (1) |
|
| (4) |
|
| (10) |
|
| Market value change |
| (14,102) |
|
| (5,776) |
|
| (3,477) |
|
Total assets under management - end of period | $ | 302,579 |
| $ | 311,354 |
| $ | 295,668 |
| |
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 11 for managed assets and flows of 49 percent-owned Hexavest Inc. | ||||||||||
(2) Includes balanced and multi-asset mandates. | ||||||||||
(3) Includes cash management mandates. | ||||||||||
9
|
|
|
|
|
|
|
|
| Attachment 6 |
Eaton Vance Corp. | |||||||||
Consolidated Net Flows by Investment Vehicle(1) | |||||||||
(in millions) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended | |||||||
|
| January 31, |
| October 31, |
| January 31, | |||
|
| 2016 |
| 2015 |
| 2015 | |||
Fund assets - beginning of period(2) | $ | 125,934 |
| $ | 130,211 |
| $ | 134,564 | |
| Sales and other inflows |
| 8,258 |
|
| 8,644 |
|
| 8,614 |
| Redemptions/outflows |
| (9,712) |
|
| (9,632) |
|
| (10,739) |
| Net flows |
| (1,454) |
|
| (988) |
|
| (2,125) |
| Exchanges |
| (55) |
|
| (4) |
|
| 181 |
| Market value change |
| (6,637) |
|
| (3,285) |
|
| (3,068) |
Fund assets - end of period | $ | 117,788 |
| $ | 125,934 |
| $ | 129,552 | |
Institutional separate account assets - beginning of period |
| 119,987 |
|
| 118,086 |
|
| 106,443 | |
| Sales and other inflows |
| 16,731 |
|
| 17,889 |
|
| 18,055 |
| Redemptions/outflows |
| (12,112) |
|
| (14,247) |
|
| (16,398) |
| Net flows |
| 4,619 |
|
| 3,642 |
|
| 1,657 |
| Exchanges |
| (15) |
|
| - |
|
| (173) |
| Market value change |
| (4,394) |
|
| (1,741) |
|
| (380) |
Institutional separate account assets - end of period | $ | 120,197 |
| $ | 119,987 |
| $ | 107,547 | |
High-net-worth separate account assets - beginning of period |
| 24,516 |
|
| 24,492 |
|
| 22,235 | |
| Sales and other inflows |
| 2,264 |
|
| 1,013 |
|
| 1,460 |
| Redemptions/outflows |
| (1,140) |
|
| (641) |
|
| (621) |
| Net flows |
| 1,124 |
|
| 372 |
|
| 839 |
| Exchanges |
| 70 |
|
| (5) |
|
| (94) |
| Market value change |
| (1,711) |
|
| (343) |
|
| (386) |
High-net-worth separate account assets - end of period | $ | 23,999 |
| $ | 24,516 |
| $ | 22,594 | |
Retail managed account assets - beginning of period | 40,917 |
|
| 39,767 |
|
| 34,493 | ||
| Sales and other inflows |
| 3,332 |
|
| 3,327 |
|
| 2,742 |
| Redemptions/outflows |
| (2,293) |
|
| (1,775) |
|
| (1,693) |
| Net flows |
| 1,039 |
|
| 1,552 |
|
| 1,049 |
| Exchanges |
| (1) |
|
| 5 |
|
| 76 |
| Market value change |
| (1,360) |
|
| (407) |
|
| 357 |
Retail managed account assets - end of period | $ | 40,595 |
| $ | 40,917 |
| $ | 35,975 | |
Total fund and separate account assets - beginning of period | 311,354 |
|
| 312,556 |
|
| 297,735 | ||
| Sales and other inflows |
| 30,585 |
|
| 30,873 |
|
| 30,871 |
| Redemptions/outflows |
| (25,257) |
|
| (26,295) |
|
| (29,451) |
| Net flows |
| 5,328 |
|
| 4,578 |
|
| 1,420 |
| Exchanges |
| (1) |
|
| (4) |
|
| (10) |
| Market value change |
| (14,102) |
|
| (5,776) |
|
| (3,477) |
Total assets under management - end of period | $ | 302,579 |
| $ | 311,354 |
| $ | 295,668 | |
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 11 for managed assets and flows of 49 percent-owned Hexavest Inc. | |||||||||
(2) Includes assets in cash management funds. | |||||||||
10
|
|
|
|
|
|
|
|
|
|
| Attachment 7 | ||
Eaton Vance Corp. | |||||||||||||
Consolidated Assets under Management by Investment Mandate (1) | |||||||||||||
(in millions) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| January 31, |
|
| October 31, |
| % |
|
| January 31, |
| % |
|
|
| 2016 |
|
| 2015 |
| Change |
|
| 2015 |
| Change |
Equity(2) | $ | 83,351 |
| $ | 90,013 |
| -7% |
| $ | 92,966 |
| -10% | |
Fixed income(3) |
| 52,756 |
|
| 52,373 |
| 1% |
|
| 47,417 |
| 11% | |
Floating-rate income |
| 32,676 |
|
| 35,619 |
| -8% |
|
| 38,648 |
| -15% | |
Alternative |
| 9,730 |
|
| 10,173 |
| -4% |
|
| 10,805 |
| -10% | |
Portfolio implementation |
| 58,920 |
|
| 59,487 |
| -1% |
|
| 48,538 |
| 21% | |
Exposure management |
| 65,146 |
|
| 63,689 |
| 2% |
|
| 57,294 |
| 14% | |
Total | $ | 302,579 |
| $ | 311,354 |
| -3% |
| $ | 295,668 |
| 2% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 11 for managed assets and flows of 49 percent-owned Hexavest. | |||||||||||||
(2) Includes balanced and multi-asset mandates. | |||||||||||||
(3) Includes cash management mandates. | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Attachment 8 | ||
Eaton Vance Corp. | |||||||||||||
Consolidated Assets under Management by Investment Vehicle (1) | |||||||||||||
(in millions) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| January 31, |
|
| October 31, |
| % |
|
| January 31, |
| % |
|
|
| 2016 |
|
| 2015 |
| Change |
|
| 2015 |
| Change |
Open-end funds | $ | 69,110 |
| $ | 74,838 |
| -8% |
| $ | 78,828 |
| -12% | |
Private funds(2) |
| 25,475 |
|
| 26,647 |
| -4% |
|
| 25,765 |
| -1% | |
Closed-end funds(3) |
| 23,203 |
|
| 24,449 |
| -5% |
|
| 24,959 |
| -7% | |
Institutional separate account assets |
| 120,197 |
|
| 119,987 |
| 0% |
|
| 107,547 |
| 12% | |
High-net-worth separate account assets |
| 23,999 |
|
| 24,516 |
| -2% |
|
| 22,594 |
| 6% | |
Retail managed separate account assets |
| 40,595 |
|
| 40,917 |
| -1% |
|
| 35,975 |
| 13% | |
Total | $ | 302,579 |
| $ | 311,354 |
| -3% |
| $ | 295,668 |
| 2% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Eaton Vance Corp. See Attachment 11 for managed assets and flows of 49 percent-owned Hexavest. | |||||||||||||
(2) Includes privately offered equity, fixed income and floating-rate income loan funds and CLO entities. | |||||||||||||
(3) Includes unit investment trusts. | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Attachment 9 | ||
Eaton Vance Corp. | |||||||||||||
Consolidated Assets under Management by Investment Affiliate (1) | |||||||||||||
(in millions) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| January 31, |
|
| October 31, |
| % |
|
| January 31, |
| % |
|
|
| 2016 |
|
| 2015 |
| Change |
|
| 2015 |
| Change |
Eaton Vance Management(2) | $ | 135,352 |
| $ | 141,415 |
| -4% |
| $ | 139,714 |
| -3% | |
Parametric |
| 150,488 |
|
| 152,506 |
| -1% |
|
| 138,015 |
| 9% | |
Atlanta Capital |
| 16,739 |
|
| 17,433 |
| -4% |
|
| 17,939 |
| -7% | |
Total | $ | 302,579 |
| $ | 311,354 |
| -3% |
| $ | 295,668 |
| 2% | |
|
|
|
|
|
|
|
|
|
|
|
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(1) Consolidated Eaton Vance Corp. See Attachment 11 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. | |||||||||||||
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| Attachment 10 | ||
Eaton Vance Corp. | |||||||||||||
Average Annualized Effective Investment Advisory and Administrative Fee Rates by Investment Mandate (1) | |||||||||||||
(basis points on average managed assets) | |||||||||||||
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| Three Months Ended |
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| Three Months Ended |
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| Three Months Ended |
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| January 31, |
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| October 31, |
| % |
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| January 31, |
| % |
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| 2016 |
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| 2015 |
| Change |
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| 2015 |
| Change |
Equity |
| 62.7 |
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| 63.2 |
| -1% |
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| 64.4 |
| -3% | |
Fixed income |
| 41.0 |
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| 41.8 |
| -2% |
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| 44.1 |
| -7% | |
Floating-rate income |
| 52.3 |
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| 53.1 |
| -2% |
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| 53.9 |
| -3% | |
Alternative |
| 63.5 |
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| 62.6 |
| 1% |
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| 64.1 |
| -1% | |
Portfolio implementation |
| 15.4 |
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| 15.2 |
| 1% |
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| 14.6 |
| 5% | |
Exposure management |
| 5.1 |
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| 5.4 |
| -6% |
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| 5.3 |
| -4% | |
Total |
| 36.7 |
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| 37.7 |
| -3% |
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| 40.6 |
| -10% | |
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(1) Excludes performance fees received, which were negligible for the three months ended January 31, 2016, $2.0 million for the three months ended | |||||||||||||
October 31, 2015 and negligible for the three months ended January 31, 2015. | |||||||||||||
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Attachment 11 | |||||||||||
Eaton Vance Corp. | |||||||||||
Hexavest Inc. Assets under Management and Net Flows | |||||||||||
(in millions) | |||||||||||
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| Three Months Ended |
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| January 31, |
| October 31, |
| January 31, |
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| 2016 |
| 2015 |
| 2015 |
| |||
Eaton Vance distributed: |
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Eaton Vance sponsored funds - beginning of period(1) | $ | 229 |
| $ | 239 |
| $ | 227 |
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| Sales and other inflows |
| 7 |
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| 1 |
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| 16 |
| |
| Redemptions/outflows |
| (21) |
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| (5) |
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| (6) |
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| Net flows |
| (14) |
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| (4) |
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| 10 |
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| Market value change |
| (10) |
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| (6) |
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| (3) |
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Eaton Vance sponsored funds - end of period | $ | 205 |
| $ | 229 |
| $ | 234 |
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Eaton Vance distributed separate accounts -beginning of period(2) | $ | 2,440 |
| $ | 2,362 |
| $ | 2,367 |
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| Sales and other inflows |
| 4 |
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| 140 |
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| 100 |
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| Redemptions/outflows |
| (9) |
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| (14) |
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| (432) |
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| Net flows |
| (5) |
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| 126 |
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| (332) |
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| Exchanges |
| - |
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| - |
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| - |
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| Market value change |
| (91) |
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| (48) |
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| (36) |
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Eaton Vance distributed separate accounts - end of period | $ | 2,344 |
| $ | 2,440 |
| $ | 1,999 |
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Total Eaton Vance distributed - beginning of period | $ | 2,669 |
| $ | 2,601 |
| $ | 2,594 |
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| Sales and other inflows |
| 11 |
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| 141 |
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| 116 |
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| Redemptions/outflows |
| (30) |
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| (19) |
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| (438) |
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| Net flows |
| (19) |
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| 122 |
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| (322) |
| |
| Exchanges |
| - |
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| - |
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| - |
| |
| Market value change |
| (101) |
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| (54) |
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| (39) |
| |
Total Eaton Vance distributed - end of period | $ | 2,549 |
| $ | 2,669 |
| $ | 2,233 |
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Hexavest directly distributed - beginning of period(3) | $ | 11,279 |
| $ | 12,208 |
| $ | 14,101 |
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| Sales and other inflows |
| 129 |
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| 75 |
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| 245 |
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| Redemptions/outflows |
| (329) |
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| (699) |
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| (1,341) |
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| Net flows |
| (200) |
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| (624) |
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| (1,096) |
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| Exchanges |
| - |
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| - |
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| - |
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| Market value change |
| (546) |
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| (305) |
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| (256) |
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Hexavest directly distributed - end of period | $ | 10,533 |
| $ | 11,279 |
| $ | 12,749 |
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Total Hexavest assets - beginning of period | $ | 13,948 |
| $ | 14,809 |
| $ | 16,695 |
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| Sales and other inflows |
| 140 |
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| 216 |
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| 361 |
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| Redemptions/outflows |
| (359) |
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| (718) |
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| (1,779) |
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| Net flows |
| (219) |
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| (502) |
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| (1,418) |
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| Exchanges |
| - |
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| - |
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| - |
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| Market value change |
| (647) |
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| (359) |
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| (295) |
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Total Hexavest assets - end of period | $ | 13,082 |
| $ | 13,948 |
| $ | 14,982 |
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(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 through 9. | ||||||||||
(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 through 9. | ||||||||||
(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 through 9. | ||||||||||
13