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.