Wednesday, February 16, 2005
Possible Strategic Partner - Get to Through BOD?
February 10, 2005
Eaton Vance Seeks Acquisitions
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Westy Saltonstall
Eaton Vance Investment Counsel in Boston is aggressively seeking to buy high-net-worth boutiques this year. The acquisitions would help the firm reach its long-term goal of comprising 10% of its parent's, Eaton Vance Management's, $95 billion in total assets, said Westy Saltonstall, president and ceo, underscoring that it will take longer than a year to achieve.
"We are looking for firms that have HNW clients who are long-term investors that want a truly customized portfolio," said Saltonstall. Boutiques and smaller companies with principals and founders looking for an exit strategy are a good fit, he said. It is open to firms outside the New England region. The Investment Counsel has a minimum account size of $1 million and 14 investment counselors. Organic growth will come from client referrals, he said. Hiring and expansion outside of Boston depends on business flow, said Saltonstall.
The Investment Counsel has tripled its assets under management from last year to $3 billion. Last year it acquired Scudder Private Investment Counsel's Boston office from Deutsche Bank Private Wealth Management (PAM, 7/04), which contributed about $2.5 billion in assets. After the Scudder Boston acquisition in September the Investment Counsel, formerly a unit of Eaton Vance, became a wholly owned subsidiary. "We carved out the investment counseling business to make a statement--dedication and commitment to the business," said Saltonstall. It sponsored a few events last year such as the Nantucket Antique Show and will continue to market locally in a move to raise its identity as a separate entity, he said. It is also seeking a dedicated marketing and sales official to spearhead these efforts. "Right now we are still riding on the coattails of our parent," said Saltonstall.
Eaton Vance Seeks Acquisitions
--
Westy Saltonstall
Eaton Vance Investment Counsel in Boston is aggressively seeking to buy high-net-worth boutiques this year. The acquisitions would help the firm reach its long-term goal of comprising 10% of its parent's, Eaton Vance Management's, $95 billion in total assets, said Westy Saltonstall, president and ceo, underscoring that it will take longer than a year to achieve.
"We are looking for firms that have HNW clients who are long-term investors that want a truly customized portfolio," said Saltonstall. Boutiques and smaller companies with principals and founders looking for an exit strategy are a good fit, he said. It is open to firms outside the New England region. The Investment Counsel has a minimum account size of $1 million and 14 investment counselors. Organic growth will come from client referrals, he said. Hiring and expansion outside of Boston depends on business flow, said Saltonstall.
The Investment Counsel has tripled its assets under management from last year to $3 billion. Last year it acquired Scudder Private Investment Counsel's Boston office from Deutsche Bank Private Wealth Management (PAM, 7/04), which contributed about $2.5 billion in assets. After the Scudder Boston acquisition in September the Investment Counsel, formerly a unit of Eaton Vance, became a wholly owned subsidiary. "We carved out the investment counseling business to make a statement--dedication and commitment to the business," said Saltonstall. It sponsored a few events last year such as the Nantucket Antique Show and will continue to market locally in a move to raise its identity as a separate entity, he said. It is also seeking a dedicated marketing and sales official to spearhead these efforts. "Right now we are still riding on the coattails of our parent," said Saltonstall.
# posted by Tom @ 6:03 PM 
