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Wednesday, August 28, 2019

These Five Areas Top a CEO's M&A Wishlist

Reported by Neil Anderson, Managing Editor

When it comes to deal-hunting, there are five areas in particular that Tom Faust is keeping an eye on.

Thomas E. Faust
Eaton Vance
Chairman, CEO
Faust, chairman and CEO of Eaton Vance, shared that tidbit and more yesterday on the Boston-based fund firm's fiscal Q3 2019 earnings call with analysts (transcribed by Seeking Alpha). Eaton Vance's fiscal Q3 ended on July 31.

In response to a question from Autonomous Research partner Patrick Davitt, Faust pointed in particular to private credit, wealth management, ESG (like Eaton Vance's Calvert arm), customized SMAs (like Eaton Vance's Parametric arm), and non-U.S. business as "areas of interest" for possible M&A. He describes such areas as possible ways of rounding out Eaton Vance's business.

"Our business continues to be approximately 95% in the U.S. and 5% outside," Faust said. "We've stated our long-term goal to become more diversified internationally."

Yesterday morning, before the earnings call, the Eaton Vance team reported $0.90 in fiscal Q3 earnings per diluted share and revenue of $431.235 million, beating earnings estimates by $0.03 but missing revenue estimates by $1.46 million. AUM on July 31, 2019 reached a record $482.8 billion, up three percent for the quarter, up ten percent year-to-date, and up seven percent year-over-year. The firm brought in $8.01 billion in net fiscal Q3 2019 inflows, up 73 percent from fiscal Q2 2019 and up 115 percent year-over-year. 

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