BOSTON, April 9, 2012 /PRNewswire/ -- Parametric, a subsidiary of Eaton Vance Corp. (NYSE: EV), has been selected by the Seattle City Employees' Retirement System (SCERS) to manage $50 million for a covered call mandate. Investment consultant, Pension Consulting Alliance, Inc., assisted with the process.
The investment strategy includes a diversified equity portfolio benchmarked to the S&P 500, overlayed with a managed covered call program. The goal of the managed options, which Parametric calls DeltaShift, is to improve total return, generate incremental income and reduce total portfolio volatility.
SCERS Executive Director Cecelia M. Carter remarked, "Parametric presented us with a thoughtful approach to participating in the US equity market while mitigating some of the risks of being fully exposed to market fluctuations."
Brad Berggren, Parametric Risk Advisors Managing Director and Founder, leads the team responsible for the covered call portion of the portfolio. "SCERS saw the need to actively manage the volatility in their portfolio and wanted to engage an experienced provider in this space. Our demonstrated expertise leveraging market volatility to generate returns for investors was a natural fit for this objective."
"We're seeing a growing list of institutional clients finding value in our risk-management solutions," said Parametric Portfolio Associates LLC Chief Executive Officer Brian Langstraat. "By applying a disciplined, rules-based approach to investing, we are able to identify risks and opportunities and act in the best interests of our clients."
Parametric, a majority-owned subsidiary of Eaton Vance, is an industry-leading provider of structured portfolio management solutions headquartered in Seattle, Washington. As of January 31, 2012, Parametric managed $44 billion in client assets. Parametric offers a variety of investment strategies for individuals and institutions, including customized core equity portfolios (U.S., developed non-U.S., emerging market and global equities), commodities, currencies and option-based strategies. For more information about Parametric, visit www.parametricportfolio.com.
ABOUT EATON VANCE
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 $191.7 billion in assets as of January 31, 2012, 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.