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.