Business & Finance
Business and Finance
Business and Finance
Wed, January 2, 2013
Mon, December 31, 2012 Parametric Portfolio Associates LLC, a Subsidiary of Eaton Vance Corp., Completes Acquisition of The Clifton Group Investment M
Parametric Portfolio Associates LLC, a Subsidiary of Eaton Vance Corp., Completes Acquisition of... -- SEATTLE, Dec. 31, 2012 /PRNewswire/ --
SEATTLE, Dec. 31, 2012 /PRNewswire/ -- Parametric Portfolio Associates LLC (Parametric), a subsidiary of Eaton Vance Corp. (NYSE: [ EV ]), and The Clifton Group Investment Management Company (Clifton) announced today the completion of the previously announced purchase of Clifton by Parametric.
Based in Minneapolis, Clifton specializes in providing futures- and options-based overlay services and custom risk management solutions to institutional investors. Clifton's overlay services enable clients to add, remove or hedge market exposures in a transparent and efficient manner without disrupting underlying holdings. Clifton's risk management strategies employ futures, options and similar instruments to help clients enhance risk-adjusted returns. As of October 31, 2012, Clifton managed $33.5 billion of funded and overlay assets on behalf of clients. The Clifton acquisition adds a number of complementary capabilities and product offerings to Parametric, and strengthens Parametric's position as a market-leading provider of portfolio solutions.
"We are excited to be joining forces with Clifton," said Brian Langstraat , Parametric's Chief Executive Officer. "Working together, we see significant opportunities to better serve clients and grow our business."
About Parametric
Parametric is a Seattle-based investment management firm focused on the delivery of rules-based, risk-controlled investment strategies, including engineered alpha-seeking strategies, options strategies and customized equity and centralized portfolio management implementation services. As of October 31, 2012, Parametric managed $53.4 billion in assets on behalf of institutions, high-net-worth individuals and fund investors in the U.S. and internationally. Parametric is a majority-owned subsidiary of Eaton Vance.
About Eaton Vance
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 $199.5 billion in assets as of October 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. Eaton Vance's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made it the investment manager of choice for many of today's most discerning investors.
SOURCE Eaton Vance Corp.
