The companies did not reveal terms of the sale but revealed that Eaton Vance will assume $2.5 billion of assets. Eaton Vance will retain Deutsches counselors and take over the investment advisory agreements already in place.
G. West Saltonstall, the vice president and head of Eatons investment counsel department, which currently manages $1 billion in assets, will be the counselors new supervisor.
Saltonstall said of the deal, "Eaton Vance has been meeting the needs of high-net-worth investors since its founding in 1924. This transaction represents our commitment to growing and strengthening this important aspect of our business."