Eaton Vance Announces Launch of Institutional Cash Management Services Business
BOSTON, Feb. 5, 2013 /PRNewswire/ -- Eaton Vance Management (Eaton Vance), a subsidiary of Eaton Vance Corp. (NYSE: EV), today announced the formation of Eaton Vance Institutional Cash Management Services (ICMS). ICMS will provide cash management services to institutional investors in the U.S. and internationally through customized separate accounts. Compared to institutional money market funds, separately managed cash accounts can offer higher yield potential, lower costs, greater transparency and more client control, while eliminating the risk of impaired liquidity or loss of value due to the actions of other fund investors.
In conjunction with the launch of ICMS, Eaton Vance has hired a team of investment professionals who formerly worked together managing institutional cash management businesses at Dwight Asset Management (2009-2012), Lehman Brothers Asset Management (2003-2009) and Allmerica Asset Management (1995-2003). Joining the ICMS unit of Eaton Vance are: John C. Donohue, Vice President and Head of Institutional Cash Management Services; Robert J. Swidey, Vice President and Risk Manager; Timothy J. Robey, Vice President and Portfolio Manager; Jeffrey R. Boutin, Vice President and Credit Analyst–Structured Finance; and Kevin E. Zimmerman, Vice President and Director of Business Development. Mr. Boutin and Mr. Zimmerman began working with the other team members in 2003 and 2006, respectively. This group brings to Eaton Vance a disciplined, risk-managed approach to managing cash assets, a history of successful collaboration and a record of favorable investment performance and high client satisfaction.
Also joining ICMS as a portfolio manager will be Maria Cappellano, co-portfolio manager of Eaton Vance U.S. Government Money Market Fund and Eaton Vance's primary portfolio manager and trader for money market and short duration portfolios. Ms. Cappellano is a Vice President of Eaton Vance and has been a member of its Investment Grade Fixed Income group since 1998. She earned a B.S. in business administration with a concentration in finance, summa cum laude, from Northeastern University.
The ICMS unit will service approximately $3 billion in cash assets held across various Eaton Vance separate accounts and mutual funds. In addition to its dedicated staff, the ICMS unit will draw upon the investment and operational resources of Eaton Vance's Investment Grade Fixed Income group. Mr. Donohue will report to Thomas H. Luster, CFA, and Kathleen C. Gaffney, CFA, Co-Directors of Investment Grade Fixed Income.
"Eaton Vance views this as a particularly opportune time to enter the institutional cash management business," said Thomas E. Faust, Jr., Chairman and Chief Executive Officer of Eaton Vance Corp. "Large corporate cash balances, dislocation in the institutional money fund business and a thirst for yield in a low rate environment create demand for new cash management solutions. Given the experience and track record of John Donohue and his team and the broader resources of the Eaton Vance income organization, we see ourselves as ideally positioned to serve this growing market."
"My colleagues and I are very excited to join Eaton Vance," said Mr. Donohue. "Together, we have all the ingredients in place to meet the cash management needs of institutional investors."
Mr. Donohue has spent his 20-year investment career building and managing successful institutional cash management businesses. Prior to joining Eaton Vance, he headed liquidity management units of Dwight Asset Management, Lehman Brothers Asset Management and Allmerica Asset Management, and was a portfolio manager at CS First Boston Investment Management. He is a graduate of Saint Anselm College and holds an M.B.A. from Assumption College.
Mr. Swidey specializes in quantitative risk management for money market and short duration income portfolios. During his 22-year career he has been affiliated with Dwight Asset Management, Lehman Brothers Asset Management, Allmerica Asset Management, Allmerica Financial Corporation, 440 Financial Group and State Street Bank and Trust. Mr. Swidey is a graduate of Boston College and holds an M.A. in Economics from Clark University. He is a Financial Risk Manager certified by the Global Association of Risk Professionals and a member of the Global Association of Risk Professionals and the National Society of Compliance Professionals.
Mr. Robey has 12 years of experience managing and trading money market and short duration income portfolios. He was formerly affiliated with Dwight Asset Management, Lehman Brothers Asset Management and Allmerica Asset Management. Mr. Robey is a graduate of Bentley College.
Mr. Boutin has been analyzing income securities with a focus on the asset-backed sector since 1996. He was formerly affiliated with Dwight Asset Management, Lehman Brothers Asset Management, Banc One Capital Markets, Freedom Capital Management, and State Street Global Advisors. Mr. Boutin is a graduate of Central Connecticut State University and holds an M.B.A. from the University of Hartford.
Mr. Zimmerman has 12 years of experience in cash management business development and client service. Prior to joining Eaton Vance, he was affiliated with Dwight Asset Management, Lehman Brothers Asset Management, Morgan Stanley Investment Management and Goldman Sachs. He a graduate of Taylor University and holds an M.B.A. from Northwestern University.
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $238.4 billion in assets as of December 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. Eaton Vance's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made it the investment manager of choice for many of today's most discerning investors.
About Risk: U.S. Government Money Market Fund- An investment in the Fund is neither insured nor guaranteed by the U.S. Government. Although the Fund seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in a Fund.
Although the Fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the Fund. An increase in interest rates, a decline in the credit quality of an issuer, an inactive trading market for money market instruments, or adverse market, economic, political, regulatory, geopolitical or other conditions could reduce the Fund's income level and/or share price. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description. Effective January 1, 2012, Class A, B and C shares only are offered in exchange for Class A, B and C shares, respectively, of other Eaton Vance funds.
Before investing, investors should consider carefully the Fund's investment objective, risks, charges and expenses. This and other important information is contained in the Fund's prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.
The Fund is distributed by Eaton Vance Distributors, Inc., Two International Place, Boston, MA 02110. Member FINRA/ SIPC
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SOURCE Eaton Vance Corp.