Eaton Vance Corp. has scooped up the business assets of Calvert Investment Management, Inc. – some $12.3 billion of fund and separate account assets under management.
In conjunction with the proposed acquisition, the Boards of Trustees of the Calvert 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).
The Calvert Funds are one of the largest families of so-called socially responsive (these days the term Environment, Social & Governance (ESG) funds is often employed) funds, encompassing actively and passively managed U.S. and international equity strategies, fixed income strategies and asset allocation funds managed in accordance with the Calvert Principles for Responsible Investment.
Founded in 1976, Calvert, an indirect subsidiary of Ameritas Holding Company, has a long history in responsible investing. In 1982, the Calvert Social Investment Fund (now Calvert Balanced Portfolio) was launched as the first mutual fund to oppose investing in South Africa’s apartheid system. According to a press release, other Calvert innovations include the first responsibly managed fixed income and international equity funds, and pioneering programs in shareholder advocacy, corporate engagement and impact investing.
Completion of the transaction is subject to Calvert Fund shareholder approvals of new investment advisory agreements and other closing conditions, and is expected on or about Dec. 31, 2016. Because the transaction is structured as an asset purchase, liabilities in connection with Calvert’s previously disclosed compliance matters and other pre-closing obligations will remain with the seller. Terms of the transaction are not being disclosed.
A global asset manager with offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $343.0 billion in assets as of Sept. 30, 2016.
