Pimco Advisors Reports Increase in Revenue, Income
NEWPORT BEACH — Investment manager Pimco Advisors L.P. said Tuesday that net income for the third quarter climbed 35% while revenue rose nearly 29%.
Net income for the third quarter was $32.1 million, or 40 cents per Class A limited partner and general partner unit, up from $23.7 million, or 32 cents a unit, for the same period last year. Revenue increased to $125.1 million from $97.1 million.
The group’s assets under management hit $130.6 billion as of Sept. 30, up $10.7 billion for the quarter and $26.1 billion over the preceding 12 months.
The partnership said nearly half the increase during the quarter represents net new funds from clients. The other half resulted from market appreciation.
For the first nine months, net income rose 24% to $82.7 million, or $1.06 a unit, from $66.9 million, or 96 cents a unit, a year ago. Revenue was up 20% to $344.2 million from $287.2 million.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
