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Tuesday, February 15, 2005

Eaton Vance Eyes HNW Acquisitions

by: Theresa Sim

Eaton Vance's high-net worth subsidiary is "aggressively seeking" to buy high-net worth shops in 2005, reports Institutional Investor.

What is the group's aim? To grow from $3 billion in assets to approximately $9.5 billion in assets, or 10 percent of parent Eaton Vance's $95 billion asset pie, said Westy Saltonstall, president and chief executive officer of the unit.

Ideal targets are firms with owners "looking for an exit strategy," Saltonstall told II. The business need not be located in New England.

Saltonstall joined Eaton Vance from Deutsche Bank's Scudder Private Investment Counsel in January of 2004, preceding Eaton Vance's acquisition of the $2.5 billion high-net worth business by six months.  

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