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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Friday, February 15, 2013 Eaton Goes Parametric Eaton Vance has removed its own name from eight of its funds that are being sub-advised by its controlled subsidiaries Parametric Portfolio Associates and Parametric Risk Advisors. The funds that are being renamed are as follows: 1. Eaton Vance Parametric Structured Emerging Markets Fund to the Parametric Emerging Markets Fund Here is the press release: Company Press Release Eaton Vance Repositions Parametric Mutual FundsBOSTON, Feb. 15, 2013 -- Eaton Vance Management (Eaton Vance), a subsidiary of Eaton Vance Corp. (EV), announced today that, effective March 1, 2013, the following mutual funds sub-advised by its controlled subsidiaries Parametric Portfolio Associates LLC and Parametric Risk Advisors LLC (collectively, Parametric) will be renamed as follows: CURRENT FUND NAME NEW FUND NAME Eaton Vance Parametric Structured Emerging Markets Fund Parametric Emerging Markets Fund Eaton Vance Parametric Tax-Managed Emerging Markets Fund Parametric Tax-Managed Emerging Markets Fund Eaton Vance Parametric Structured International Equity Fund Parametric International Equity Fund Eaton Vance Parametric Tax-Managed International Equity Fund Parametric Tax-Managed International Equity Fund Eaton Vance Parametric Option Absolute Return Fund Parametric Absolute Return Fund Eaton Vance Parametric Structured Absolute Return Fund Parametric Market Neutral Fund Eaton Vance Parametric Structured Commodity Strategy Fund Parametric Commodity Strategy Fund Eaton Vance Parametric Structured Currency Fund Parametric Currency Fund Eaton Vance also announced that, effective March 1, 2013, the Funds' Class I shares will be renamed "Institutional Class" shares and the initial minimum investment for this class of shares will be lowered from $250,000 to $50,000. At the same time, the Funds' Class A shares will be renamed "Investor Class" shares and the sales charge that has applied to certain purchases of this class of shares will no longer be in effect. Going forward, all sales of Institutional Class and Investor Class shares will be at net asset value (NAV). Eaton Vance will continue to distribute and administer the Funds and oversee their management. "Parametric employs a systematic, rules-based investment approach that is distinctly different from the investment strategies of other Eaton Vance-sponsored funds," said Brian Langstraat, chief executive officer of Parametric. "Renaming the Funds better highlights that differentiation. By offering two share classes, each at NAV, we believe we can enhance the Funds' availability and lower the cost of investing." Parametric focuses on the delivery of engineered portfolio solutions, including rules-based alpha-seeking equity, alternative and options strategies, as well as implementation services including tax-managed core equity, futures overlay and centralized portfolio management. As of December 31, 2012, Parametric managed $91.7 billion in assets on behalf of institutions, high-net-worth individuals and fund investors in the U.S. and internationally. Parametric operates from investment centers in Seattle, WA, Minneapolis, MN and Westport, CT. 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 $238.4 billion in assets as of December 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. For more information, visit eatonvance.com. Fund share values are sensitive to volatility in each Fund's corresponding market. The Funds may engage in investment practices that may involve additional risks and you should review each Fund's prospectus for a complete description. No Fund is a complete investment program and you may lose money investing in a Fund. Before investing, investors should consider carefully the Fund's investment objective, risks, charges and expenses. This and other important information is contained in the Fund's prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. The Funds are distributed by Eaton Vance Distributors, Inc., Two International Place, Boston, MA 02110. Member FINRA/ SIPC Not FDIC Insured - Not Bank Guaranteed - May Lose Value Printed from: MFWire.com/story.asp?s=43019 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |