A veritable supermarket of investing, Eaton Vance offers more than 100 mutual funds and manages investments for retail, high-net-worth, and institutional clients. Its investment specialties include tax-managed equity funds, municipal bond funds, floating-rate bank-loan funds, income and value equity funds, global and high-yield bonds, closed-end funds, and alternative investments such as private equity funds, commodity-based investments, and absolute return strategies. Its Eaton Vance Distributors unit markets and sells its products through sales associates in the US, Europe, the Asia/Pacific region, and Latin America, as well as a network of brokers, independent financial advisors, banks, and insurance firms.
The company's institutional investment and retail account management units include Atlanta Capital Management (equity value investing), Boston Management and Research (fund management), Eagle Global Advisors (large-cap equities), Fox Asset Management (value-oriented investments), Parametric Portfolio Associates (tax-managed portfolios), and Tax Advantaged Bond Strategies (TABS). Altogether, Eaton Vance and its affiliates have approximately $190 billion of assets under management.
Eaton Vance purchased assets and intellectual property of Managed ETFs, LLC in 2010 in order to expand its capabilities in the trading and management of exchange-traded funds (ETFs). That year also was one of the most prolific in the company's history in terms of new product launches. It introduced nearly ten new mutual funds, two offshore funds, and a closed-end fund. The company bolstered its ETF business in 2011 with the formation of a new subsidiary, Navigate Fund Solutions, to develop and trade such funds.
A recovery in the markets helped to lead to an increase in assets under management and, in turn, revenues for Eaton Vance in 2010. The growth continued into 2011 as the company reported record earnings -- up 28% from the year before -- buoyed by client inflows in its floating-rate bank note funds, as well as Parametric's emerging market equity investments and Atlanta Capital's core and growth equity mandates.
Eaton Vance is also looking beyond the US for expansion. It opened its first Asian office in Singapore in 2012 and joined forces with Canada-based AGF Management to launch two new mutual funds.
In 2012 Eaton Vance acquired 49% of Montreal-based Hexavest. The deal helps expand Eaton Vance's international investment capabilities. Hexavest manages around $10 billion of assets for clients. – less