Eaton Vance Corp. is acquiring Calvert Investment Management, a socially responsible investment manager, said Eaton Vance Chairman and CEO Thomas E. Faust Jr.
Terms of the deal, which is expected to close around the end of the year, are not being disclosed.
After the deal closes, Calvert will operate as an Eaton Vance affiliate under the name Calvert Research and Management.
“There has been a significant interest and growing demand in the field of responsible investing,” Mr. Faust said in a phone interview. “Calvert is one of a handful of legacy leaders in that business.”
Calvert, an indirect subsidiary of Ameritas Holding Co., had about $12.3 billion in assets under management as of Sept. 30. The Calvert Funds encompass 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.
“Our ambition is to help them grow,” Mr. Faust added.
Calvert's President and CEO John Streur will continue in that role at Calvert Research and Management. Its team of research analysts will move over to the new company. Some traditional investment professionals will be offered opportunities to join Eaton Vance, Mr. Faust said, but he added there will be some staff redundancies.
Eaton Vance managed $343 billion in assets as of Sept. 30.
