Eaton Vance’s wealth management affiliate has completed its acquisition of the $2.3 billion assets of WaterOak Advisors, a Winter Park, Florida-based wealth management firm.
On a combined basis, Eaton Vance Investment Counsel and WaterOak — now operating as Eaton Vance WaterOak Advisors — have a total of $11.4 billion of client assets. (As of April 30, Eaton Vance Investment Counsel served as an advisor for $8.2 billion in assets for families, endowments, foundations and others entities.)
The news comes roughly a month after Morgan Stanley said it was buying the asset manager, which had consolidated client assets of $517 billion as of Sept. 30.
Prior to the deal, the Eaton Vance wealth unit had 20 advisors and WaterOak had seven. Thus, Eaton Vance WaterOak Advisors now has 27, the asset manager said Tuesday.