announced on Monday that it is purchasing the Boston office of Deutsche Bank's Scudder
Private Investment Counsel (PIC), a unit of the company's Private Wealth Management group. The deal, which should close shortly, was in the works for the past month and a half, said company spokeswoman Meg Pier.
The Boston office of Scudder PIC manages $2.5 billion in assets, more than twice the assets managed by Eaton Vance's own Investment Counsel group. Eaton Vance's Investment Counsel group manages approximately $1 billion in assets, or 1,000 portfolios, said Pier.
, former director of Scudder PIC's Boston office, joined Eaton Vance in January 2004 as head of Eaton Vance's Investment Counsel group. Six of his former colleagues will now join him, at the vice-president level, at Eaton Vance in the firm's Boston office. The additions will up the total number of investment counselors, including Saltonstall, to 14.
In terms of total staff, 14 from Deutsche Bank will join Eaton Vance's 19, said Pier.
Although Saltonstall was involved in the decision-making process, the acquisition is not directly related to his hiring, Pier.
Eaton Vance's Investment Counsel group manages customized portfolios for high-net worth individuals, trusts, charities and other institutions.
Deutsche Bank will maintain a Boston office of its PWM group, with the only reductions in employees coming from the six joining Eaton Vance, said spokeswoman Juanita Gutierrez. Gutierrez declined to comment on additional hiring for the unit.
The sale is a move to standardize the Boston unit with the company's national PWM approach -- to "provid[e] comprehensive wealth management," stated Gloria S. Nelund, head of U.S. Private Wealth Management.
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