Eaton Vance Agrees to Buy SRI Specialist Calvert Investment Management

Oct 21 2016 | 3:29pm ET

Boston-based investment manager Eaton Vance has agreed to acquire the business assets of socially-responsible investment (SRI) specialist Calvert Investment Management for an undisclosed amount. Assuming the transaction closes as expected, the deal will result in a new affiliate named Calvert Research and Management. 

Founded in 1976, Calvert is well-known specialist in sustainable investing and ESG, managing some $12.3 billion of fund and separate account assets as of September 30, 2016. The firm’s mandate seeks opportunities in companies that provide positive leadership in their business operations and overall activities that are material to improving societal outcomes, according to a statement. 

The transaction is subject to shareholder approvals and customary closing conditions, and is expected to close on or around December 31, 2016. Terms of the transaction are not being disclosed.

Calvert’s innovations in the SRI space include first responsibly-managed fixed income and international equity funds, as well as pioneering programs in shareholder advocacy, corporate engagement and impact investing.       

"I am extremely pleased that Eaton Vance has chosen to make Calvert the centerpiece of its expansion in responsible investing," said John Streur, president and CEO of Calvert. "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 U.S. and internationally.  

"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," added Laurie Hylton, Eaton Vance’s CFO. 

Founded in 1924, Eaton Vance is one of the largest asset managers in the world, looking after some $343 billion in mutual fund, institutional and alternative investment products as of September 30, 2016. 

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