Eaton Vance has agreed to acquire the business assets of US-based SRI boutique Calvert Investment Management (Calvert), an indirect branch of Ameritas Holding Company.
The boards of trustees of the Calvert mutual funds have voted to recommend to fund shareholders the approval of investment advisory contracts with a newly formed Eaton Vance affiliate, to operate as Calvert Research and Management, if the transaction is consummated, Eaton Vance stated.
The transaction, subject to shareholder and regulatory approvals, is expected to close by 31 December 2016. No financial details have been disclosed.
Established in 1986 Calvert had around $12.3bn (€11.3bn) of AUM as of 30 September 2016.
The Calvert Funds combine actively and passively managed US and international equity strategies, fixed income strategies and asset allocation funds managed in line with the Calvert principles for responsible investment.
John Streur, president and CEO of Calvert, said: “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 US and internationally.
“Eaton Vance is the ideal partner to help Calvert fulfill its mission to deliver superior long-term performance to clients and achieve positive impact.”
Laurie Hylton, vice president and chief financial officer of Eaton Vance, explained that the acquisition of Calvert will provide significant potential benefits to Eaton Vance shareholders, both on long-term and near-term.
“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. Reflecting the current profitability of acquired operations and anticipated cost savings, we also expect the transaction to be immediately accretive,” she added.
Eaton Vance and its affiliates managed $343bn (€315bn) in assets as of 30 September 2016.