The Boston mutual fund manager Eaton Vance Corp. said it has agreed to buy the assets of Calvert Investment Management Inc., a socially responsible money manager.
Terms of the acquisition were not disclosed.
It’s a departure for Eaton Vance, one of the oldest firms in the business, at a time when active investor managers are looking for ways to compete against indexers.
Calvert, currently a unit of Ameritas Holding Co., has. $12.3 billion in assets. The board of trustees of the Calvert funds has already voted to allow the deal. Shareholders of the Calvert funds must must still vote on the acquisition.
Founded in 1976, Calvert says it seeks to invest in companies that provide “positive leadership in their business operations and overall activities that are material to improving societal outcomes.”
The entire area of investing with an eye on environmental, social and governance impact has grown dramatically in recent years. It is more mainstream today, as college endowments, pension funds and even private equity firms face demand for such investing.
In1982, Calvert says it was the first mutual fund to oppose South Africa’s apartheid system.
“As part of Eaton Vance, we see tremendous potential for Calvert to extend its leadership position among responsible investment managers,” said Thomas E. Faust Jr., Chairman and Chief Executive Officer of Eaton Vance, in a statement.
Eaton Vance has $343 billion under management.