Eaton Vance Investment Counsel, a wholly owned subsidiary of asset manager Eaton Vance, concluded its acquisition of WaterOak Advisors’ assets. EVIC made the announcement Monday.
Based in Winter Park, Fla., WaterOak, now named Eaton Vance WaterOak Advisors, manages $2.3 billion in client assets. EVIC’s total assets amassed to $11.4 billion at the close of the transaction.
"The mission of Eaton Vance WaterOak Advisors is to provide world-class wealth management and investment services customized to fit the particular circumstances of each client and delivered with a highly personal touch," said "WaterOak's talented and experienced team, led by principals L. Clarke Lemons, Stephen Curley and Scott Macaione, expands our capabilities and extends our geographic reach to better serve clients in the Southeast."
Financial details of the acquisition were not disclosed.
In October, Morgan Stanley announced it was in agreement with Eaton Vance to acquire the asset management firm for $7 billion. The deal would grow three of Morgan Stanley’s channels: institutional securities, wealth management and investment management.
“This transaction further advances our strategic transformation by continuing to add more fee-based revenues to complement our world-class investment banking and institutional securities franchise. With the addition of Eaton Vance, Morgan Stanley will oversee $4.4 trillion of client assets and AUM across its Wealth Management and Investment Management segments,” said James Gorman, chairman and CEO of Morgan Stanley, in a statement.