Global asset manager Eaton Vance has entered into an agreement to acquire the business assets of Calvert Investment Management.
The company said completion of the transaction is expected by 31 December 2016, pending Calvert shareholder approval of the new investment advisory agreements and other conditions.
Eaton Vance chief financial officer Laurie Hylton said the acquisition had “significant potential benefits” to the company.
“Calvert is a leading brand in one of the most promising categories of investing, and we expect to help them achieve substantial growth over time,” she said
“Reflecting the current profitability of acquired operations and anticipated cost savings, we also expect the transaction to be immediately accretive.”
The acquisition has the potential for Calvert Investment Management to “become a meaningfully larger, better and more impactful company”, according to Eaton Vance chief executive Thomas Faust.
“By combining Calvert’s expertise in sustainability research with Eaton Vance’s investment capabilities and distribution strengths, we believe we can deliver best-in-class integrated management of responsible investment portfolios to investors across the U.S. and internationally,” he said.
“Eaton Vance is the ideal partner to help Calvert fulfill its mission to deliver superior long-term performance to clients and achieve positive impact.”
The board of trustees for Calvert mutual funds have voted to recommend the approval of investment advisory contracts with a newly formed Eaton Vance affiliate - to operate as Calvert Research and Management - to shareholders if the transaction is consummated.
Read more:
Good year for emerging markets: VanEck
AZ NGA firm acquires CBA-aligned practice
Forget the 'new normal', says Montgomery
The Aussie private equity player has snapped up its second public-to-private target and the sixth for the fund since it launched in 2017. ...
Trustees Australia Limited has changed its company name to Cashwerkz Limited to reflect its fintech direction. ...
Zenith Investment Partners has snapped up a major New Zealand research group as it expands into overseas markets. ...
Get notifications in real-time for staying up to date with content that matters to you.
