Money manager Eaton Vance has acquired a majority stake in investment manager Parametric Portfolio Associates for $28 million in cash. This ends the company’s ongoing search for new acquisitions.

Parametric is currently a privately held company with a specialization in managing separate accounts for wealthy clients and $4.7 billion in assets under management.

Eaton Vance issued a statement that it will acquire 80% of the stock of Seattle-based Parametric, with the deal slated for completion in August. Following the acquisition, Parametric will become a subsidiary of Eaton Vance and will operate as a distinct and autonomous business unit headquartered in Seattle.

In a statement, Eaton Vance asserted, "The acquisition won’t dilute earnings per share for the current fiscal year."

"This is an important strategic acquisition for Eaton Vance," said James B. Hawkes, chairman and CEO of Eaton Vance, in a statement. "It enhances and diversifies our leadership position in tax-managed investing, and it significantly increases our presence and potential in the market for separately managed accounts."

Eaton Vance manages money for wealthy clients using municipal bond funds and tax-efficient trading strategies and has been searching for a potential acquisition for quite some time. In a statement issued last year, the firm stated it could spend up to

$100 million. Eaton Vance purchased Atlanta Capital Management Co. and Fox Asset Management in 2001.

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