Eaton Vance Taps Goldman CIO as Equities Investing Chief

Edward Perkin named head of $39 billion equities group

Eaton Vance at the New York Stock Exchange. (Photo: AP) Eaton Vance at the New York Stock Exchange. (Photo: AP)

Eaton Vance Management (EV) said early Thursday that it hired former Goldman Sachs (GS) CIO Edward Perkin to become the chief equity investment officer of its Eaton Vance unit.

Perkin will begin work on April 29, when he will replace Duncan W. Richardson, who retired on Oct. 31, and Thomas Faust, who has served as interim chief equity investment officer since then.

Perkin led Goldman Sachs Asset Management as its CIO of international and emerging markets equity and was managing director and portfolio manager of Europe, EAFE and global products in London. In this role, he was responsible for leading a 50-person team of portfolio managers and analysts in eight locations, according to Eaton Vance.

“I am pleased to introduce Eddie as EVM’s next chief equity investment officer,” said Faust, in a press release. “He brings a record as an outstanding value stock investor and a skilled leader of investment teams. I am confident that, under Eddie’s leadership, our equity group can deliver superior results for the clients we serve.”

As of Dec. 31, 2013, EVM’s equity group managed $39.2 billion for individual and institutional clients through funds and separately managed accounts.

Overall, Eaton Vance Management had $283 billion in client assets as of Dec. 31, up from $238 billion a year ago. The Eaton Vance unit had roughly $144 billion of AUM at year end.

For the fiscal fourth quarter ending Oct. 31, the fund firm reported net inflows of $3.9 billion into long-term funds and separate accounts, “driven by strong flows into floating-rate income and implementation services, and represent a 6% annualized internal growth rate (net inflows into long-term assets divided by beginning of period long-term assets managed).”

The company adds that it had inflows of $8.8 billion in the period ending June 30 and a total of $24.7 billion in net inflows for fiscal year 2013, for a 12% annual internal growth rate. It expects to release its fiscal first-quarter earnings on Wednesday.

Earlier this month, Goldman Sachs analysts downgraded their outlook for Eaton Vance’s stock to sell from neutral, giving it a $33 price target.

Over the past 12 months, EV has declined about 7.5%, while the Dow Jones has risen 15% and Goldman Sachs’ stock 20%. On Friday, EV was trading down 1% at $36.84.

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