Pimco’s First-Quarter Income Up 11.6%

Pimco Advisors Holdings L.P., the third-biggest publicly traded U.S. fund company, said that first-quarter earnings rose 11.6% as funds under management increased.

Newport Beach-based Pimco said first-quarter income before a charge totaled $52.2 million, or 38 cents a unit, up from $46.8 million, or 34 cents, a year ago. Six analysts surveyed by First Call Corp. had expected 37 cents per unit.

Revenue advanced almost 18% to $228.6 million, while assets under management climbed 14% to $248.7 billion.

“With $4.4 billion in net inflows, the first quarter marked Pimco’s 17th consecutive quarter of net inflows,” William Cvengros, Pimco’s chief executive, said in a statement. “Despite a volatile bond market, we continued to add significant new fixed-income business in both retail and institutional markets.”

The company took a one-time charge of $19.4 million, or 17 cents a unit, to move its Oppenheimer Capital operations to a single location and for severance payments to departing Oppenheimer executives.

With the charge, Pimco’s first-quarter profit was $32.8 million.

Pimco’s biggest affiliate is Newport Beach-based Pacific Investment Management Co., the largest U.S. bond manager, which oversees about $157 billion of the parent company’s total assets. New York-based Oppenheimer Capital is the second-biggest affiliate, managing about one-quarter of total assets.

Pimco shares closed at $27.56, off 44 cents, on the New York Stock Exchange.