Eaton Vance Investment Counsel Completes Previously Announced Acquisition of WaterOak Advisors, LLC

Rhea-AI Summary

Eaton Vance Investment Counsel has finalized its acquisition of WaterOak Advisors, a wealth management firm with $2.3 billion in client assets. This merger creates Eaton Vance WaterOak Advisors, now managing a total of $11.4 billion in client assets. The acquisition enhances Eaton Vance's capabilities and geographic reach, particularly in the Southeast, by leveraging WaterOak's experienced team. The integration aims to provide high-net-worth families and institutions with tailored wealth management solutions, including investment management and financial planning services.

Positive

• Acquisition increases total client assets to $11.4 billion.
• Enhances service capabilities and geographic reach in the Southeast.
• Combines expertise from WaterOak's experienced team.

Negative

• None.

BOSTON, Nov. 2, 2020 /PRNewswire/ -- Eaton Vance Investment Counsel, a wholly owned subsidiary of Eaton Vance Corp. (Eaton Vance) (NYSE: EV), has completed the previously announced acquisition of the assets of WaterOak Advisors, LLC. (WaterOak), a wealth management firm headquartered in Winter Park, Florida with approximately $2.3 billion of client assets under management.

On a combined basis, Eaton Vance Investment Counsel and WaterOak have $11.4 billion of client assets under advisement. Now operating as Eaton Vance WaterOak Advisors, the firm continues to provide high-net-worth families and institutions with access to sophisticated wealth management and investment solutions – including financial, estate and tax planning, investment management, and family office and trust services.

"The mission of Eaton Vance WaterOak Advisors is to provide world-class wealth management and investment services customized to fit the particular circumstances of each client and delivered with a highly personal touch," said David C. McCabe, President. "WaterOak's talented and experienced team, led by principals L. Clarke Lemons, Stephen Curley and Scott Macaione, expands our capabilities and extends our geographic reach to better serve clients in the Southeast."

About Eaton Vance
Eaton Vance provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through principal investment affiliates Eaton Vance Management, Parametric, Atlanta Capital, Calvert and Hexavest, the Company offers a diversity of investment approaches, encompassing bottom-up and top-down fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. The Company's wealth management affiliate, Eaton Vance WaterOak Advisors, provides customized, high-touch wealth management and investment services to high-net-worth and institutional clients.  As of September 30, 2020, Eaton Vance had consolidated assets under management of $517.0 billion. Exemplary service, timely innovation and attractive returns across market cycles have been hallmarks of Eaton Vance since 1924. For more information, visit eatonvance.com.

 

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SOURCE Eaton Vance Corp.

FAQ

What is the significance of the acquisition of WaterOak Advisors by Eaton Vance?

The acquisition increases Eaton Vance's total client assets to $11.4 billion and enhances its wealth management capabilities.

What are the assets under management for WaterOak Advisors?

WaterOak Advisors has approximately $2.3 billion in assets under management.

When was the acquisition of WaterOak Advisors completed?

The acquisition was completed on November 2, 2020.

How will the merger affect Eaton Vance's client services?

Eaton Vance WaterOak Advisors will provide customized wealth management and investment solutions for high-net-worth families and institutions.

Who are the key personnel involved in the WaterOak Advisors team?

The team includes principals L. Clarke Lemons, Stephen Curley, and Scott Macaione.