Eaton Vance goes north to make 'tactical' acquisition

Eaton Vance Corp. has bought a minority steak in a Canadian asset manager that specializes in global tactical equity strategies. Eaton Vance announced on Monday that it purchased a 49% stake in Montreal-based Hexavest Inc. and intends to launch new mutual funds with Hexavest as a subadviser. Hexavest manages approximately $9.9 billion in assets, primarily in global and international equity strategies. The firm uses a top-down investment model based on its own proprietary quantitative methodology. “Expanding our global and international investment capabilities has been and continues to be an important strategic priority for Eaton Vance,” Thomas E. Faust Jr., CEO of Eaton Vance, said in a release. “This transaction will provide our clients with access to a range of top-performing strategies managed by a proven team.”