Eaton Vance Corp.’s EV second-quarter fiscal 2018 (ended Apr 30) adjusted earnings of 77 cents per share were in line with the Zacks Consensus Estimate. The bottom line came in 24% higher than the prior-year quarter’s tally.Shares of Eaton Vance have declined more than 5% since the earnings release on Tuesday. Investors seem to be wary of the decline in revenues (down 2%) and fall in assets under management (down 2%) on a sequential basis.Higher revenues and growth in assets under management (AUM) on a year-over-year basis supported the results. Further, the company’s liquidity position remained strong. However, a rise in operating expenses was a headwind.Net income attributable to shareholders was $96.6 million or 78 cents per share, up from $72 million or 62 cents per share in the year-ago quarter.Revenues Rise, Expenses Flare UpTotal revenues were $414.3 million, up 11% year over year. This upside was mainly driven by higher management fees and other revenues. However, the top line lagged the Zacks Consensus Estimate of $425.3 million.Total expenses 10% from the prior-year quarter to $281.6 million, largely due to higher compensation and related costs, fund-related expenses and distribution expenses.Total operating income grew 13% year over year to $132.7 million.Liquidity Position Strong, AUM ImprovesAs of Apr 30, 2018, Eaton Vance had $511.7 million in cash and cash equivalents compared with $610.6 million as of Oct 31, 2016. Further, the company had no borrowings outstanding against its new $300-million credit facility.Eaton Vance’s consolidated AUM increased 24% from the year-ago quarter to $440.1 billion, reflecting net inflows of $28.6 billion and a market price appreciation of $24.5 billion.Share RepurchaseDuring the first six months of fiscal 2018, Eaton Vance repurchased nearly 2 million shares of its Non-Voting Common Stock for $109.5 million under the company’s existing repurchase authorization.Our ViewpointEaton Vance’s improving AUM, along with revenue rise, will likely support its growth in the quarters ahead. However, escalating expenses remain a major headwind.Eaton Vance Corporation Price, Consensus and EPS Surprise Eaton Vance Corporation Price, Consensus and EPS Surprise | Eaton Vance Corporation QuoteCurrently, Eaton Vance carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Investment ManagersBlackRock’s BLK first-quarter 2018 adjusted earnings came in at $6.70 per share, which handily outpaced the Zacks Consensus Estimate of $6.42. Results benefited from an improvement in revenues, rise in AUM and steady long-term inflows. However, increase in operating expenses acted as a headwind.The Blackstone Group L.P. BX reported first-quarter 2018 economic net income of 65 cents per share, which handily beat the Zacks Consensus Estimate of 46 cents. The quarter saw an improvement in AUM, mainly driven by inflows. However, lower revenues and a rise in expenses were the undermining factors.Ameriprise Financial Inc.’s AMP first-quarter 2018 adjusted operating earnings per share of $3.70 comfortably surpassed the Zacks Consensus Estimate of $3.47. Results benefited from an improvement in revenues. Also, growth in AUM and assets under administration supported earnings. However, a rise in expenses was an undermining factor.Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ameriprise Financial, Inc. (AMP): Free Stock Analysis Report The Blackstone Group L.P. (BX): Free Stock Analysis Report BlackRock, Inc. (BLK): Free Stock Analysis Report Eaton Vance Corporation (EV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research