Eaton Vance [see profile] just bought an RIA. Yesterday the Boston-based mutual fund firm revealed its purchase of Boston- and New York-based Pelican Investment Management. Pelican, which boasts about $500 million in assets, will be folded into Eaton Vance Investment Counsel, the fund firm's high net-worth arm (which has about $4.0 billion in assets as of December 31).
So why is Eaton Vance acquiring an RIA in the high net worth business? Westy Saltonstall, president of Eaton Vance Investment Counsel, described the deal as offering the two firms "substantive opportunities ... to deepen client relationships." And in a statement the fund firm claimed that Pelican will add "an additional dimension" to Eaton Vance's "wealth management services."
The terms of the deal were not disclosed. Pelican principals David Callard, John Paolella and Anthony Pell will all join Eaton Vance.
Company Press Release
BOSTON, March 31, 2011 -- Eaton Vance Corp. (NYSE: EV) today announced that it has acquired the assets of Pelican Investment Management, Inc. ("Pelican"), a wealth and investment advisory services firm with offices in Boston and New York and approximately $500 million of client assets under advisement. Pelican principals Anthony Pell, David Callard, John Paolella and their team will join Eaton Vance Investment Counsel. The terms of the transaction were not disclosed.
Pelican Investment Management was co-founded in 2001 by Mr. Pell and Mr. Callard. Pelican develops customized investment advisory strategies for individuals, families and related charitable entities, and guides clients toward thoughtful decisions regarding their overall financial situations. The company has earned a reputation as a leading provider of family office services.
Eaton Vance Investment Counsel (EVIC), a subsidiary of Eaton Vance Corp., has served high-net-worth individuals and families since 1924 and managed approximately $4.0 billion of assets as of December 31, 2010. EVIC offers investment management and counseling services to individuals, trusts and foundations through a dedicated team of 18 investment counselors. Pelican's wealth management capabilities will provide an additional dimension to EVIC's wealth management services.
"This transaction provides substantive opportunities for Eaton Vance Investment Counsel and the Pelican team to deepen client relationships," said G. West "Westy" Saltonstall, president of Eaton Vance Investment Counsel. "Together, our ability to serve distinct investment needs is enhanced and ultimately offers greater resources for everyone."
"Our clients will benefit from a higher level of support and access to a deep research bench in the direct management side of our business across a broad spectrum of areas," said Mr. Pell. "The investment philosophies of the two firms are closely aligned, and this transition will be seamless to our clients."
"Eaton Vance is a top-flight organization that we are excited to join," said Mr. Callard. "We will continue the successful management of our client relationships and continue to serve as a trusted advisor."
Prior to founding Pelican, Anthony Pell was president of Pell, Rudman & Co., an investment advisory firm, and senior vice president of Boston Company Financial Strategies, Inc. He was formerly a practicing attorney, specializing in estate and tax planning. Mr. Pell is a graduate of Princeton University and George Washington Law School.
David Callard was formerly president of Wand Partners, a buyout firm focused on specialty financial services, and a general partner and managing director of Alex Brown & Sons. He also served previously as chairman of Hotel Investors Corporation and as a vice president of Morgan Guaranty Trust. Mr. Callard graduated from Princeton University and has a law degree from New York University School of Law.
John Paolella became a principal of Pelican in 2004. He was formerly with the law firm Sullivan & Cromwell and the Asset Management Group at Donaldson, Lufkin & Jenrette, where he founded DLJ's New York trust company. Mr. Paolella is a graduate of Princeton University, and holds a Master of Arts from Yale University and a J.D. from Harvard Law School. He also obtained a diploma from the Conservatoire Royal de Musique in Brussels, Belgium.
Eaton Vance is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $191.7 billion in client assets as of January 31, 2011, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.