Eaton Vance CEO says institutional market looks to be improving

By Jennifer Lanning Drey

Portland, Ore., Nov. 24 - Eaton Vance Corp.'s chief executive officer said Tuesday that while not yet "robust," there is evidence that the institutional market environment is picking up as the company heads into fiscal 2010.

Speaking during Eaton Vance's fourth-quarter and year-end conference call, Thomas Faust Jr., Eaton Vance's chief executive officer, said Eaton Vance saw net inflows of $5.5 billion into long-term funds and separate accounts in the fourth quarter, with the majority of the net inflows coming from institutional, high-net-worth and retail separate accounts.

The CEO also said Eaton Vance is seeing "good interest" in its large-value, large-growth, structured emerging markets, bank loan and high-yield disciplines.

During the fourth quarter, Eaton Vance saw sharp recoveries of investment performance in the municipal, high-yield and bank loan disciplines, he said.

Also during Tuesday's call, Faust noted that fund redemptions picked up in the quarter, which the company believes may be due to investors in volatile asset classes moving to the sidelines after recovering most of the losses they incurred in the bear market.

Eaton Vance ended fiscal 2009 with $154.9 billion of assets under management at Oct. 31, up $11.2 billion from managed assets at July 31.

Eaton Vance is an investment management firm based in Boston.

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