In back-to-back deals Boston investment management firm Eaton Vance Corp. acquired majority stakes in two asset management firms in an effort to ramp up its separate accounts business and pump new products into the financial advice distribution channel.
The company acquired 80% of N.J.-based Fox Asset Mgt. for an initial payment of $32 million in cash and Eaton Vance stock on July 26. Then, last Thursday, the company bought 70% of Atlanta Capital Mgt. Co. for $75 million. Both deals are expected to close by Oct. 31.