MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, December 1, 2005 Eaton Vance Buys Again Eaton Vance has made another deal. Thursday, the Boston-based firm purchased the high net worth business of Voyageur Asset Management from RBC Dain Rauscher for an undisclosed amount. The deal brings $442 million of assets managed by Voyageur Asset Management (MA) to Eaton Vance and is part of a "growth by acquisition" strategy at Eaton Vance. At the start of this year, Westy Saltonstall, president and CEO of Eaton Vance's high net worth business, told reporters that the firm would aggressively pursue acquisitions with the goal of growing the unit to $10 billion in assets. In August, Eaton Vance also purchased Weston Asset Management's $105 million high net worth business. The deal covers just Voyageur's high net worth business in its Boston-based Voyageur (MA) subsidiary and does not cover Voyageur's institutional and advisory services business based in Minneapolis and Chicago nor its fund business. Voyageur's $1.4 billion Tamarack Funds family is run by Jennifer Lammers and offering 10 mutual funds is not a part of the deal. RBC Dain Rauscher purchased Voyageur from Dougherty Financial Group in October 2000. Eaton Vance officials said that Voyageur (MA) chief executive officer Dexter A. Dodge, and president David C. McCabe, along with five other investment professionals and support staff, will join Eaton Vance Investment Counsel. Printed from: MFWire.com/story.asp?s=10925 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |