Eaton Vance completes acquisition of Hexavest stake
Eaton Vance has completed the previously announced purchase of a 49% interest in Montreal-based Hexavest. The employee shareholders of Hexavest will continue to control the company and direct its operations.
Eaton Vance assumes primary responsibility for Hexavest’s new business development outside of Canada, and will launch mutual funds in the US and offshore markets to be sub-advised by Hexavest.
“We are pleased to welcome our Hexavest partners to the Eaton Vance family,” said Thomas E. Faust Jr., chairman and chief executive of Eaton Vance. “I am confident they will continue to serve their clients with distinction as we collaborate to further their business development.”
Hexavest, founded in 2004, provides discretionary management services of equity and tactical asset allocation strategies using a predominantly top-down investment style. As of June 30, 2012, Hexavest managed $10.6bn of client assets invested primarily in global and global ex-US equity mandates.
Eaton Vance and its affiliates manage $192.3bn in assets, as of June 30, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions.