BOSTON, April 28, 2011 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV), announced today that David C. McCabe will succeed G. West "Westy" Saltonstall as president of Eaton Vance Investment Counsel (EVIC) on November 1, 2011. Mr. Saltonstall will continue to serve EVIC as president emeritus from that date. A division of Eaton Vance Management, EVIC provides investment counsel services and custom wealth management solutions to high net worth individuals and families, trusts and foundations.
Mr. McCabe joined EVIC as an investment counselor in December 2005 upon its acquisition of Voyageur Asset Management, Inc., a Boston-based investment counsel firm for which he served as president. Mr. McCabe previously managed client portfolios at Cowen & Company. He is a graduate of Harvard College.
"Eaton Vance Investment Counsel is fortunate to have a person of Dave's experience and capabilities to step into Westy's shoes as he transitions to retirement," said Thomas E. Faust Jr., chairman and chief executive officer of Eaton Vance Corp. "I am confident that, under Dave's leadership, EVIC can continue to serve clients with distinction and further build its position in the wealth management marketplace."
Mr. Saltonstall became president of Eaton Vance Investment Counsel in 2004. During the period of his leadership, EVIC significantly expanded the breadth of its service offerings, increased the number of investment counselors from 8 to 18 and grew client assets under management from $0.9 billion to $4.5 billion. The recent acquisition of Pelican Investment Management and addition of senior investment counselor Stephen B. Kistner position EVIC for continued growth.
"It has been extremely gratifying for me to head Eaton Vance Investment Counsel," noted Mr. Saltonstall. "I will step aside from day-to-day management with great pride in what we have accomplished and great optimism for what EVIC can achieve under Dave as president. We share a passion for meeting client needs and exceeding their expectations."
Eaton Vance is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $198.0 billion in assets as of March 31, 2011, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service 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 about Eaton Vance, visit www.eatonvance.com.
SOURCE Eaton Vance Corp.