Profile: Eaton Vance Corp (EV.N)
Eaton Vance Corp., incorporated on January 29, 1981, is engaged in managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. The Company focuses to develop and sustain management expertise across a range of investment disciplines and to offer investment products and services through multiple distribution channels. Its product line offers fund shareholders, retail managed account investors, institutional investors and high-net-worth clients a range of products and services designed and managed to generate attractive risk-adjusted returns over the long term. It conducts its investment management business through its wholly owned affiliates: Eaton Vance Management (EVM), Boston Management and Research (BMR), Eaton Vance Investment Counsel (EVIC), Eaton Vance (Ireland) Limited (EVAI) and Eaton Vance Trust Company (EVTC). In February 2013, the Company's subsidiary Eaton Vance Management formed Eaton Vance Institutional Cash Management Services.
The Company has four other consolidated subsidiaries, Atlanta Capital Management Company, LLC (Atlanta Capital), Fox Asset Management LLC (Fox Asset Management), Parametric Portfolio Associates LLC (Parametric Portfolio Associates) and Parametric Risk Advisors LLC (Parametric Risk Advisors). Through these affiliates and consolidated subsidiaries it manages investments for a range of clients in the institutional and high-net-worth marketplace, including corporations, endowments, foundations, family offices and public and private employee retirement plans. As of October 31, 2013, the Open-end funds represented 31% of total assets under management, while closed-end and private funds represented 9% and 8% respectively. High-net-worth and institutional separate account assets and retail managed account assets represented 34%, 7% and 11% of total assets under management, respectively.
As of October 31, 2013, the Company offered 113 open-end funds, including 10 tax-managed equity funds, 39 non-tax-managed equity funds, 32 state and national municipal income funds, 16 taxable fixed income and cash management funds, and five floating-rate bank loan funds. Its non-tax-managed equity fund offerings include large-cap, multi-cap and small-cap funds in value, core and growth styles, dividend income funds, international, global and emerging markets funds, and sector-specific funds.
The Company’s municipal income funds include nine national and 23 state-specific funds in 20 different states. Its taxable fixed income and cash management fund offerings utilize its investment management capabilities in a range of fixed income asset classes, including mortgage-backed securities, global currency and income investments, high grade bonds, high yield bonds and cash instruments. As of October 31, 2013, open-end tax-managed equity fund assets under management totaled $7.6 billion. Assets under management in non-tax-managed equity funds totaled $24 billion. As of October 31, 2013, it managed $11.9 billion in open-end municipal income fund assets. Assets under management in open-end taxable income funds totaled $9.8 billion as of October 31, 2013.
The Company closed-end funds include 22 municipal bond funds, 13 domestic and global equity income funds, four bank loan funds and two multi-sector funds. As of October 31, 2013, it managed $24.9 billion in closed-end fund assets. As of October 31, 2013, its closed-end funds had $1.1 billion of outstanding auction preferred shares (APS).
The private fund category includes privately offered equity funds designed to meet the diversification and tax-management needs of qualifying high-net-worth investors and equity, floating-rate bank loan and fixed income funds offered to institutional investors. As of October 31, 2013, it had 9.8 billion in assets under management. Assets under management in institutional equity, bank loan and fixed income funds, which include cash instrument collateralized loan obligation (CLO) entities, collective trusts and leveraged and unleveraged loan funds, totaled $9.0 billion as of October 31, 2013, including $2.1 billion of assets in CLO entities.
Institutional Separate Accounts
The Company serves a range of clients in the institutional marketplace, including government, corporate and union retirement plans, endowments and foundations, nuclear decommissioning trusts and asbestos litigation trusts, sovereign wealth funds and investment funds sponsored by others for which we serve as a sub-advisor. Its diversity of capabilities allows us to offer domestic and international institutional investors a broad spectrum of equity, fixed and floating-rate income, and alternative strategies and implementation services. Institutional separate account assets under management totaled $95.7 billion at October 31, 2013.
High-net-worth Separate Accounts
The Company offers high-net-worth and family office clients personalized investment counseling services through EVIC. High-net-worth separate account assets totaled $19.7 billion at October 31, 2013, $4.5 billion of which are managed by EVIC and $15.2 billion of which are managed by Parametric Portfolio Associates and Parametric Risk Advisors.
Retail Managed Accounts
The Company has developed retail managed accounts business by capitalizing on the management capabilities of EVM, Atlanta Capital, Fox Asset Management, Parametric Portfolio Associates, TABS and certain strategic partners. Retail managed account assets totaled $31.8 billion at October 31, 2013.
Investment Management and Administrative Activities
The Company’s wholly owned subsidiaries EVM and BMR are investment advisers for all but five of the Eaton Vance funds. EVM provides administrative services, including personnel and facilities, necessary for the operation of all Eaton Vance funds. These services are provided under management agreements with certain funds that also include investment advisory services and through separate administrative services agreements with other funds.
Eaton Vance Corp
Two International Place
255 State Street
BOSTON MA 02110