Eaton Vance acquires 49% of Hexavest

Investment management firm Eaton Vance has announced today the agreement for the acquision of 49% of Hexavest.

Based in Montreal, Canada, Hexavest provides discretionary investment management of equity and tactical asset allocation strategies to institutional clients in Canada, the United States, Europe and the Asia Pacific region using a predominantly top-down investment style based on the firm’s fundamental research and proprietary quantitative models.

At the end of May, Hexavest managed $9.9bn of assets on behalf of more than 100 clients, primarily in global and global ex-US equity mandates.

Following the transaction, the employee shareholders of Hexavest will continue to control the company and direct its operations.

Eaton Vance will assume primary responsibility for Hexavest’s new business development outside of Canada. Eaton Vance also intends to launch a series of new mutual funds in the US and offshore markets sub-advised by Hexavest.

“Expanding our global and international investment capabilities has been and continues to be an important strategic priority for Eaton Vance,” said Thomas E. Faust junior, chairman and chief executive at Eaton Vance.

The transaction is subject to customary closing conditions.

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