BOSTON, May 24, 2016 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) announced today its participation in a $40 million financing in SigFig, an independent San Francisco-based wealth management technology company. Eaton Vance is lead investor in the $33 million SigFig equity raise, whose other participants include major financial institutions New York Life, Santander InnoVentures and UBS, as well as venture capital firms Bain Capital Ventures, DCM Ventures, Nyca Partners and Union Square Ventures. Comerica Bank is providing $7 million of credit to SigFig through a lending facility.
As announced today by SigFig, this financing solidifies SigFig's position as an industry-leading provider of digital technology to financial institutions across the wealth management, banking and insurance industries. SigFig will use the funding to accelerate the expansion of its team and technology platform as it scales its enterprise strategy of building investment technology for a wide range of financial institutions based on their distinctive corporate strategies and individual client needs.
SigFig has recently announced a series of partnerships with banks and wealth management platforms, including UBS Wealth Management Americas and Pershing Advisor Solutions, to build wealth management technology solutions for those firms' financial advisors and clients.
"Eaton Vance's investment in SigFig reflects our support for their vision to apply leading-edge digital technology to enhance the investing experience and improve outcomes for investors," said Thomas E. Faust, Jr., Chairman and Chief Executive Officer of Eaton Vance Corp. "Their best-in-class technology platform and partnerships with leading financial institutions position SigFig as an emerging leader in the rapidly developing enterprise wealth management technology market. By affiliating with SigFig, Eaton Vance gains a seat at the table in the development of the tools that will guide the future of investment advice."
"We are pleased to receive the backing of Eaton Vance, along with other leading financial institutions and venture capital firms," said Mike Sha, Chief Executive Officer of SigFig. "Eaton Vance's history of innovation in creating cost- and tax-efficient investment solutions such as NextSharesTM exchange-traded managed funds aligns with SigFig's commitment to building technology that helps improve outcomes for individual investors."
Financial terms of Eaton Vance's investment are not being disclosed.
Eaton Vance (NYSE: EV) is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $315.1 billion in assets as of March 31, 2016, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long history of providing exemplary advice, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information, see eatonvance.com.
SigFig is dedicated to making high-quality investment advice more accessible and affordable to investors of all wealth levels. Using a combination of design, data science and technology, SigFig helps empower investors with the information and guidance they need to achieve their personal financial goals. Through partnerships with some of the world's largest and most innovative financial institutions, SigFig seeks to helps investors and advisors better manage their investments. Its enterprise technology accelerates time to market for its partners, while doing so in a secure, scalable and compliant way. Its product, design and growth labs fuel innovation, accelerate adoption and create delight for clients. Learn more at www.sigfig.com.
SOURCE Eaton Vance Corp.