Eaton Vance Corp. is an American

investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...

firm based in Boston, Massachusetts. It is one of the oldest investment companies in the United States, with a history dating back to 1924. Through five primary investment affiliates, Eaton Vance provides investment products to individuals, institutions and financial professionals in the US, including wealth management, defined contribution investment only and sub-advisory services. In 2005 it opened an office in London. In March 2021,

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fi ...

completed its acquisition of Eaton Vance, a deal announced in October 2020. With the addition of Eaton Vance, Morgan Stanley now had $5.4 trillion of client assets across its

Wealth Management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high ...

and Investment Management segments.

History

The history of Eaton Vance dates from 1924, when Charles F. Eaton Jr., formed Eaton & Howard Inc., a

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- most p ...

-based investment firm. In 1931, he became the president and director of the company. During its course of existence, the company formed several funds, including the Growth Fund in 1962; it invested primarily in common stocks of companies that enjoyed aggressive growth. In 1979, the firm was bought by Vance Sanders & Company and became Eaton & Howard, Vance Sanders Inc. Two years later, on February 20, 1981, Eaton Vance Corporation was established as a holding company. By the end of 1983, Eaton Vance was managing 23 mutual funds and numerous individual and company accounts, with over $2.3 billion in their accounts. The company's major products were 34 low-risk and tax-free funds by late 1989. The next year, Eaton Vance started promoting its funds via banks, which resulted in a sales profit of $450 million. As of 1993, over 60 banks in the United States were offering the company's funds. By the end of the year, the firm had management assets worth $12 billion. After restructuring its funds to a "hub-and-spoke" model, in 1995, Eaton Vance started offering new specialty funds through banks. The new funds were set to invest in companies working in entertainment, telecommunications, and PC industries. Despite the restructuring not showing up to be fruitful, by 1997, the company was managing $14.7 billion in assets, most of them coming from overseas including

Greater China Greater China is an informal geographical area that shares commercial and cultural ties with the Han Chinese people. The notion of "Greater China" refers to the area that usually encompasses Mainland China, Hong Kong, Macau, and Taiwan in East A ...

Greater India Greater India, or the Indian cultural sphere, is an area composed of many countries and regions in South and Southeast Asia that were historically influenced by Indian culture, which itself formed from the various distinct indigenous cultures ...

, and some emerging markets. In 2001, Eaton Vance acquired Atlanta Capital Management and Fox Asset Management. The company increased its assets under management by 17%, to $54.6 billion. In 2007, Thomas E. Faust Jr became the CEO and Chairman of the company, replacing James B. Hawkes. By September 2007, the firm owned $158.1 billion in assets under management. In 2012, Easton Vance purchased 49% of Hexavest Inc, a Canadian investment management firm. In 2017, Eaton Vance purchased

Calvert Investments Calvert Research and Management, established in 1976, is an investment management company that is headquartered in Washington, DC, and led by John Streur, the firm's President and Chief Executive Officer. Calvert is one of the largest responsible ...

, which provides mutual funds focused on

socially responsible investing Socially responsible investing (SRI), social investment, sustainable socially conscious, "green" or ethical investing, is any investment strategy which seeks to consider both financial return and social/environmental good to bring about social ...

. On October 8, 2020,

announced they were purchasing Eaton Vance for $7 billion. The deal was completed on March 1, 2021.

Business model and management

The company focuses on investment management but not

wealth management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high ...

, in that it focuses on

investment funds An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages inc ...

rather than financial planning or brokerage services. Therefore, it does not control distribution and financial advisors or retail investors must choose their funds. It is focused on active management rather than passive. , Tom Faust is the Chairman and

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especiall ...

of the company, a position he took in 2007.

Affiliates

* Eaton Vance Management, headquartered in Boston, Massachusetts. * Parametric Portfolio Associates, headquartered in

Seattle Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest region of ...

, with offices in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with list of lakes in Minneapolis, thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. ...

Westport, Connecticut Westport is a town in Fairfield County, Connecticut, United States, along the Long Island Sound within Connecticut's Gold Coast. It is northeast of New York City. The town had a population of 27,141 according to the 2020 U.S. Census. History ...

, and

Sydney, Australia Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountains ...

. * Atlanta Capital * Hexavest, headquartered in

Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple-pe ...

, Canada. * Calvert Research and Management

References

External links

* {{authority control Financial services companies established in 1924 Companies formerly listed on the New York Stock Exchange Companies based in Boston Investment management companies of the United States 1924 establishments in Massachusetts American companies established in 1924 2021 mergers and acquisitions American corporate subsidiaries Morgan Stanley