(Bloomberg) ? W.P. Stewart & Co., a Bermuda-based money manager for wealthy investors, said second-quarter earnings rose 29 percent, boosted by commissions and fees.

Net income increased to $13.8 million, or 30 cents a share, from $10.7 million, or 24 cents, a year earlier, W.P. Stewart said in a statement. The average estimate of four analysts surveyed by Thomson Financial company was 28 cents a share.

The company, founded in 1975 by William P. Stewart, said assets under management rose 1.2 percent since March 31. 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 $19.73 at 10:39 a.m. in New York Stock Exchange composite trading. They had fallen 13 percent in the last year, while the Standard & Poor?s 500 Index gained 11 percent.

Assets under management increased to $8.6 billion from the end of the first quarter,.