Eaton Vance Adds Scale With Calvert Acquisition; Increased FVE to $38 per Share
We view wide-moat Eaton Vance's move to acquire Calvert Investment Management much in the same vein we did narrow-moat Janus Capital Group's announced merger with the Henderson Group earlier this month: as a move to increase scale in order to offset fee pressures and rising costs in the aftermath of the Department of Labor's fiduciary ruling earlier this year. This is ultimately a response to the competitive pressures created by the growth and acceptance of low-cost index-based exchange-traded f...Eaton Vance is engaged in managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. Through its investment affiliates, the company manages active equity, income, alternative and blended strategies across a range of investment styles and asset classes, including United States, global and international equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds, and mortgage-backed securities, as well as a range of systematic investment strategies, including systematic equity, systematic alternatives and managed options strategies.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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