In a move to stretch its operations into the world of socially responsible investing, fund-firm Eaton Vance (EV) said Friday that is plans to buy Calvert Investment Management for an undisclosed amount.
Calvert has about $12.3 billion of SRI funds and separate account assets under management, while Eaton Vance has some $343 billion in assets as of Sept. 30.
“As part of Eaton Vance, we see tremendous potential for Calvert to extend its leadership position among responsible investment managers,” said Thomas E. Faust Jr., chairman and CEO of Eaton Vance, in a statement. “By applying our management and distribution resources and oversight, we believe Eaton Vance can help Calvert become a meaningfully larger, better and more impactful company.”
SRI investments topped $6.5 trillion in 2014, according to SIF, a forum for sustainable and responsible investments, a 76% increase from the early-2012 level.
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“As a result, assets managed with SRI strategies accounted for nearly 18% of all professionally managed assets in the United States at the start of 2014,” the group explained in its latest SRI study.
Founded in 1976, Calvert says it introduced the first mutual fund to oppose investing in South Africa’s apartheid system in 1982.
“I am extremely pleased that Eaton Vance has chosen to make Calvert the centerpiece of its expansion in responsible investing,” said Calvert President & CEO John Streur, in a statement.
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