Based in Montreal, Canada, Hexavest
provides discretionary investment management of equity and tactical
asset allocation strategies to institutional clients
in Canada, the
United States, Europe and
the Asia Pacific region using a
predominantly top-down investment style based on the firm's
fundamental research and proprietary quantitative models. As
of May 31, 2012, Hexavest
managed $9.9 billion of assets on
behalf of more than one hundred clients, primarily in global and
global ex-U.S. equity mandates.
Upon completion of the transaction, Eaton Vance will assume primary
responsibility for Hexavest's new business development outside
of Canada. Eaton Vance also intends to
launch a series of new mutual funds in the U.S. and offshore
markets sub-advised by Hexavest.
"Expanding our global and international investment capabilities has
been and continues to be an important strategic priority for Eaton
Vance," said Thomas E. Faust Jr.,
Chairman and Chief Executive Officer of Eaton Vance. "This
transaction will provide our clients with access to a range of
top-performing strategies managed by a proven team. We believe
Hexavest's distinctive investment process and superior performance
record, when combined with Eaton Vance's broad market reach and
powerful distribution, strongly position the firm for future
growth."
"We are pleased to welcome Eaton Vance as a significant shareholder
and strategic partner," said Vital
Proulx, President and Chief Investment Officer of Hexavest.
"The structure of the transaction accomplishes our goal to gain
access to the resources of a leading investment manager of the
caliber of Eaton Vance, while preserving our investment and
operational autonomy."
Completion of the transaction is subject to certain customary
closing conditions.
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 $197.5 billion in assets as
of April 30, 2012, offering individuals
and institutions a broad array of investment strategies and wealth
management solutions. The Company's long record of providing
exemplary service, timely innovation 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.
Hexavest Inc. was founded by six principals in 2004 and utilizes an
investment approach that has been consistently applied since 1991.
In the Hexavest investment process, regional, country, currency,
and sector allocations are based primarily on analysis of the
macroeconomic environment, valuations of markets and the sentiment
of investors. Individual stock selection is based on quantitative
screening and optimization to achieve desired market exposures and
to emphasize stocks identified as having higher return potential.
For more information about Hexavest, visit www.hexavest.com.
SOURCE Eaton Vance Corp.