(Bloomberg) ? W.P. Stewart & Co., an asset manager based in Bermuda, said third-quarter earnings rose 14 percent as fees and commissions increased.

Net income climbed to $13.7 million, or 30 cents a share, from $12 million, or 26 cents, a year earlier, W.P. Stewart said in a statement. The average estimate of five analysts surveyed by Thomson Financial was 28 cents a share.

The company, founded in 1975 by William P. Stewart, said assets under management rose 6.3 percent from a year earlier. Across the industry, US mutual fund investors put in a net $7.9 billion in stock and bond funds in August, down more than $3 billion from July, according to the Investment Company Institute.

W.P. Stewart seeks to double the value of clients? investments every five years with average returns of about 15 percent a year. The company said it buys shares of what it considers growth companies that pose minimal investment risk.

Shares of W.P. Stewart rose 21 cents to $20.20 as of 9:45 a.m. in New York Stock Exchange composite trading. They have fallen 6.2 percent this year, while the Standard & Poor?s 500 Index has gained 1 percent. Assets under management increased to $8.5 billion from $8 billion last year. Compared with the more than $8.6 billion W.P. Stewart had at the end of June, assets declined 1.2 percent. Investors withdrew a net $67 million from funds during the quarter.

Revenue gained 15 percent to $34.1 million from $29.7 million a year ago. Operating expenses rose 17 percent to $18.9 million.